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LONDON (Alliance News) - hVIVO PLC on Friday said it has signed a joint venture agreement with London-based immunotherapy firm SEEK Group to develop vaccines against influenza and mosquito-borne diseases, such as the Zika virus.
The joint venture will invest in a new company to be called Imutex Ltd and will boost hVIVO's commercial flu portfolio and expand its operations into mosquito-borne diseases, with the immediate focus on Zika.
hVIVO will take a 49% equity stake in Imutex for GBP7.0 million in cash, while SEEK will contract hVIVO to conduct a FLU-v phase 2a clinical study in 2016. hVIVO will get GBP5.5 million for conducting the study.
The other 51% of Imutex will be owned by SEEK.
"We are delighted to be working with SEEK in a joint venture investment to advance such ground-breaking vaccine technology against the backdrop of an emerging public health crisis," said Kym Denny, hVIVO's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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