Cambridge Biostability and Panacea enter JV

Cambridge Biostability, a UK developer of temperature-stable liquid vaccines, and Panacea Biotec, the second largest vaccine producer in India, have entered into a joint venture agreement. Under the terms of the JV, Panacea Biotec has taken a 10% stake in Cambridge Biostability, for a total consideration of just over L1.935 million ($3.8 million).

CB has also signed a long-term licensing accord with Panacea that could provide it with significant gross royalty income over the period. Under the terms of the deal, Panacea is to in-license CB's stable liquid technology to develop, produce and market a stable liquid version of pentavalent and other combination vaccines for the treatment of diphtheria, tetanus, pertussis (whooping cough), hepatitis B and hemophilus influenza B. This product will be unique in that it will not require storage under refrigeration or reconstitution before use.