Shanghai and San Diego – February 14, 2024 – Cooley advised Brii Biosciences on its agreements with VBI Vaccines (NASDAQ: VBIV) to ensure expansion and control of future clinical and commercial supplies of BRII-179 (VBI-2601), a late-stage clinical asset in Brii Bio's hepatitis B virus functional cure portfolio. Listed on the Hong Kong Stock Exchange as 2137, Brii Bio (HKSE: 2137) is a commercial-stage biotechnology company developing therapies to address major public health challenges where patients experience high unmet medical needs, limited choice and significant social stigmas. It has operations in key biotechnology centers in the US and China. The Cooley cross-border and cross-practice team advising Brii Bio on the agreement was led by lawyers Yiming Liu, Rama Padmanabhan, Rajdeep Bains, Jason Savich, Lila Hope, Michael Klein, Michelle Garcia Schulman, Matthew Scarano, Jameson Davis and Kaiting Yang.
Under the terms of the agreements, Brii Bio will issue certain promissory notes to VBI, which is listed on Nasdaq as VBIV. In return, Brii Bio will acquire all VBI's intellectual property rights relating to BRII-179, as well as eliminate future milestone and royalty payments to VBI for BRII-179 and PreHevbri. Subject to certain approvals, Brii Bio also will work with VBI to transfer the manufacturing technologies of BRII-179.
In addition, after satisfaction of certain conditions, Brii Bio will take control of VBI's manufacturing facilities for BRII-179 and PreHevbrio/PreHevbri for $10 million in cash on or after June 30, 2024. Subject to VBI's achievement of certain conditions, Brii Bio will obtain an exclusive license to develop and commercialize VBI-1901, VBI's glioblastoma immunotherapeutic candidate, in the Asia-Pacific region, excluding Japan.
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