On September 13, 2021, Everest Medicines Limited announced two separate definitive agreements with Providence Therapeutics Holdings Inc., a clinical stage biotechnology company developing messenger RNA ("mRNA") therapeutics and vaccines.
Under the terms of the agreement, Everest and Providence have agreed to license rights to Providence's mRNA COVID-19 vaccine candidates in Asia emerging markets (including Greater China, Southeast Asia and Pakistan) and establish a broad, strategic partnership to develop mRNA products globally leveraging Providence's cutting-edge mRNA technology platform.
A team led by Anita Nador and Greg Peterson and advised Providence on the negotiation of these agreements. Gowling WLG's team also included Jason Mullins and Peter Zhang (corporate) and Jasleen Chahal (life sciences/intellectual property).
"This was a unique deal with several moving parts and a highly condensed time frame," said Peterson. "We were grateful for the opportunity to help Providence navigate these complex negotiations successfully and look forward to the groundbreaking scientific innovations that this new relationship will yield in the months and years to come."
The agreements further stipulate that Everest will gain rights to Providence's mRNA COVID-19 vaccines in Greater China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Pakistan, Philippines, Singapore, Thailand, Timor-Leste and Vietnam ("Everest Territories"). Everest will also gain rights to Providence's next generation mRNA COVID-19 vaccine candidates against specific VOC, which are in pre-clinical development.
Everest and Providence will also enter into a 50/50 global collaboration under which the parties will develop two additional prophylactic or therapeutic "Collaboration Products". Global rights to Collaboration Products will be jointly owned by Everest and Providence. In addition, Everest will be enabled to create and develop products using Providence's mRNA Platform for product discovery across a broad range of other prophylactic and therapeutic areas. The collaboration includes full technology transfer of Providence's current and future manufacturing processes to Everest.
Click here for additional details about the agreements