|Rovi to use Novavax technology for flu virus|
|By Staff and Wire Reports|
|Tuesday, 30 June 2009 16:31|
MADRID, June 30 (Reuters) - Spanish pharmaceutical company has reached an agreement with Novavax Inc. (NASDAQ:NVAX) to use the U.S. company's technology to produce pandemic and seasonal flu vaccines, Rovi said on Tuesday.
Novavax's "Virus Like Particle (VLP)" technology is currently in clinical trials, Rovi said in a statement after signing an agreement with the Spanish government and the local authorities to build a vaccine manufacturing plant in Granada, Andalucia.
The Granada plant is due to come on stream in 2012.
Novavax, a development-stage company with no marketed products, is in midstage testing in the United States of a vaccine against the H1N1 virus.
Rovi will have exclusive licences to sell the vaccines in Spain and Portugal, plus non-exclusive licences in Europe, Latina America and Africa.
In addition to the licensing agreement, Rovi will make a $3 million equity investment in Novavax and will provide additional development funding if needed.