Panacea Biotec gained a 10% stake in Cambridge Biostability (CBL) for a total consideration of £1.935M, or $3.81M, under a joint venture agreement. Cambridge Biostability also signed a long-term licensing agreement with Panacea Biotec that could provide significant gross royalty income to CBL over the period.
Under the agreement, Panacea Biotec is to in-license CBL’s stable liquid technology to develop, produce, and market a stable liquid version of pentavalent and other combination vaccines for the treatment of diptheria, tetanus, pertussis, hepatitis B, and haemophilus influenza B. This product will be unique in that it will not require storage under refrigeration or reconstitution before use, according to the companies.
Panacea Biotec expects to commence clinical trials of the stable liquid pentavalent vaccine in 2008 with a global product launch expected in 2010.