Medeva In IP Transfer Deal With Peptide Therapeutics

UK-based pharmaceutical company Medeva has entered into a deal withPeptide Therapeutics to transfer to PT intellectual property rights primarily relating to non-injectable vaccine delivery technology. PT will pay Medeva L1 million ($1.6 million) on completion. A further payment of L1 million will be made in respect of Medeva carrying out certain development work over a two-year period. Medeva has also agreed to subscribe L3 million for 882,353 new ordinary shares in PT at a price of L3.40 per share.

Under the terms of the agreement, PT will utilize this technology to pursue the research and early-stage development of a number of projects in this area. Medeva will have an option to take up the rights to complete development and commercialize products arising from these development programs.

PT will pursue the development to proof-of-principle stage of enterotoxigenic E coli, typhoid, and intranasal influenza vaccines. Administration routes will be oral and nasal. Development programs will be overseen by a committee consisting of representatives from both Medeva and PT.