Canada's Providence Therapeutics Holdings Inc and India’s Biological E Ltd on Tuesday, 1 June, announced the execution of a term sheet for the sale of up to 30 million doses of the former's proprietary messenger RNA vaccine ‘PTX-Covid19-B’ to the Indian firm and other end-buyers.
The term sheet sets forth the material terms for a definitive licensing and collaboration agreement and also outlines the terms for sale.
The move represents the sale of the remaining production capacity by Providence in 2021 and a portion of its early 2022 output, after accounting for the first sale of its vaccines to Canada’s Manitoba Province.
The financial terms of the transaction have not been disclosed.
Providence will provide the necessary technology transfer for Biological E to manufacture mRNA vaccines in India with a minimum production capacity of 600 million doses in 2022 and a target capacity of 1 billion doses.
Biological E will be responsible for all clinical development and regulatory activities for the mRNA vaccine in India and other jurisdictions under it.
The Hyderabad-based firm will run pilot trials in India and seek emergency use authorisation.
“This initiative is an important commitment by the Canada-based company to help India and other nations vaccinate their citizens against COVID-19. Providence was founded to serve patients and this commitment by Biological E allows us to achieve that essential goal.”Brad Sorenson, Providence CEO
"The mRNA platform has emerged as a frontrunner in delivering the first vaccines for emergency use to combat the COVID-19 pandemic. Biological E is very pleased to be able to work with Providence on its promising mRNA vaccine candidate. We hope to provide India and other countries yet another option to ramp up their efforts towards achieving herd immunity against COVID-19," Biological E Managing Director Mahima Datla said.
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)