Inovio to partner with Chinese biotech on COVID-19 vaccine candidate in Greater China

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Shares of Inovio Pharmaceuticals Inc.
INO,
-1.67%

were up 4.5% in premarket trading on Monday after the company announced a licensing deal with Advaccine Biopharmaceuticals Suzhou Co. Ltd. for its COVID-19 vaccine candidate. As part of the agreement, the privately held Chinese biotech gains exclusive right to develop, manufacture, and commercialize the still-investigational vaccine in China, Hong Kong, Macao, and Taiwan. Advaccine will make an upfront payment of $3 million to Inovio, with additional possible milestone payments up to $108 million. Inovio may receive royalties based on annual net sales in the region if the vaccine is authorized or approved, though the company’s COVID-19 vaccine candidate has not been authorized or approved in any countries. A Phase 2 clinical trial in China is currently underway. Inovio’s stock has soared 196.9% over the last year, while the S&P 500
SPX,
+0.64%

is up 16.2%.



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