TEL AVIV — Israel's said Feb. 21 it had signed an agreement with Novartis to jointly investigate the feasibility of developing vaccines using its VaxiSome technology, including an improved flu vaccine, Reuters reported Feb. 21.
NasVax, which develops improved vaccines, also granted Novartis an option to acquire a non-exclusive license to use VaxiSome in connection with certain of Novartis' vaccines.
Novartis will be able to exercise the option for up to 14 months after the agreement's effective date and may be extended under certain conditions.
If exercised, a license will be granted to Novartis and will include milestone payments and royalties for the sale of vaccines marketed by Novartis that include NasVax's technology.
"This is another major step in realizing NasVax's strategy and vision of creating value by introducing its innovative technologies to the market through collaborations with world-leading vaccine manufacturers," NasVax’s CEO, Erez Chimovitshe, said in a statement.