FX.co ★ Brii Biosciences To Buy VBI's IP Rights In BRII-179

Brii Biosciences Limited has announced its agreement with VBI Vaccines Inc., which would ensure future clinical and commercial supplies of BRII-179, an important late-stage clinical asset in Brii Bio's Hepatitis B Virus (HBV) functional cure portfolio, gain expansion and be under its control.

As part of the agreement, Brii Bio is set to give a promissory note of $2.5 million to VBI, which will abolish the latter's royalty and milestone payments for PreHevbri. This promissory note will increase to $10 million under certain conditions, securing VBI's intellectual properties (IP) rights for BRII-179 and removing the need for associated payments.

Additionally, Brii Bio and VBI will collaborate in transferring BRII-179's manufacturing technologies to a Brii Bio-designated site. Subject to potential adjustments, after completing the necessary activities concerning the technology transfer, Brii Bio will issue an additional promissory note of up to $8 million to VBI.

Upon meeting certain conditions, Brii Bio will gain control of VBI's Rehovot-based manufacturing facilities for BRII-179 and PreHevbrio/PreHevbri by cash payment of $10 million on or after June 30, 2024. Following this, Brii Bio and VBI plan to enter into a supply agreement, making Brii Bio the commercial supplier of PreHevbrio and PreHevbri for VBI.

In a separate clause, Brii Bio will gain an exclusive license to develop and market VBI-1901 - VBI's glioblastoma (GBM) immunotherapeutic candidate - in the Asia Pacific region excluding Japan, following VBI's fulfilment of certain conditions. The agreement also sees Brii Bio issue a $5 million promissory note to VBI. The US Food and Drug Administration (FDA) has already granted VBI-1901 fast-track and orphan drug designations and a Phase 2b study is currently ongoing.