(Reuters) – China’s Advaccine Biopharmaceuticals Suzhou Co Ltd will manufacture and sell Inovio Pharmaceuticals Inc’s COVID-19 vaccine candidate in the country, the companies said on Monday.
Advaccine will have the exclusive right to Inovio’s vaccine candidate, INO-4800, in China. The vaccine is currently being tested in two mid-to-late stage trials, one in China and the other in the United States.
Inovio will receive an upfront payment of $3 million and an aggregate of $108 million upon the achievement of specified development and sales-based milestones. It will also be entitled to receive sales royalty.
In September, the U.S. Food and Drug Administration put the phase 3 portion of the U.S. trial on hold, as it sought more information, including details on a delivery device used to inject INO-4800 into skin cells.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D’Silva and Shinjini Ganguli)
