GlaxoSmithKline Plc teams up with GlycoVaxyn
U.K.’s largest drugmaker, GlaxoSmithKline Plc will join hands with GlycoVaxyn AG to develop new anti-bacterial conjugate vaccines, an $8 billion market.
GlycoVaxyn will also get an upfront payment as an equity investment from the drug company, which has an option to get an exclusive license on vaccines they work on during the 3-year collaboration period.
The company is also eligible to get milestone payments and royalties if the vaccines win regulatory nod. The financial terms of the deal were not disclosed.
GlycoVaxyn focuses on vaccines against the common severe bacterial infections. Its most advanced program is the vaccine against the Shigella bacterium, which causes dysentery and blood diarrhea. The pre-clinical candidates include vaccines to prevent hospital infections and E.coli.
Philippe Dro, GlycoVaxyn CEO said, “The collaboration with vaccine industry leader confirms the potential of our platform to generate new complex vaccines.” GlycoVaxyn uses recombinant DNA technology that allows it to target bacterial diseases for which effective vaccines don’t yet exist, according to the company.
Investors in GlycoVaxyn include Sofinnova Partners, Index Ventures and Edmond de Rothschild Investment Partners.
GlaxoSmithKline Plc is a British multinational pharmaceutical, biologics, vaccines and consumer healthcare company based in London. It is the world’s the fourth-largest pharmaceutical company measured by 2009 prescription drug sales.