SciVac Therapeutics to purchase VBI Vaccines
The new company will have a licensed hepatitis B (HBV) vaccine as well as pipeline of preventive and therapeutic vaccine candidates.
"The acquisition of VBI provides SciVac with access to an impressive portfolio of vaccine candidates that may address large unmet needs in both infectious diseases and oncology," SciVac Chief Executive Officer Curtis Lockshin said. "We expect that our vaccine development and manufacturing capabilities, intellectual property and existing contractual relationships will allow us to further the potential of this union. In addition, with the guidance of VBI leadership, we plan to drive future sales of Sci-B-Vac, our hepatitis B vaccine, by conducting new clinical trials with the goal of securing additional regulatory approvals in key markets and indications."
According to the agreement, the new company will be entirely owned by SciVac. SciVac and VBI will merge, making VBI a wholly owned subsidiary under SciVac. SciVac will then change its name and become VBI Vaccines Inc.
The acquisition and merger will mutually benefit both of the companies.
"We are excited to join with SciVac in the planned growth of market penetration for Sci-B-Vac while simultaneously advancing our pipeline of vaccine candidates," VBI President and CEO Jeff Baxter said. "VBI will bring to the combined company its proprietary eVLP and LPV platforms, a pipeline of vaccine candidates, strong immunology and biologics formulation expertise and an experienced board and management team. We're thrilled to combine with SciVac's assets and talent to create what we believe will become a leading vaccine developer with global aspirations."