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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 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.
The Hyderabad-based firm will run pilot trials in India and seek emergency use authorisation.
"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.
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