Medicago in vaccine development alliance with Mitsubishi Tanabe
Canada-based clinical stage drug developer Medicago (TSX: MDG) has signed a strategic alliance with Japanese drugmaker Mitsubishi Tanabe Pharma (YTO: 4508) to develop and commercialize at least three new vaccines.
Mitsubishi Tanabe will provide funding for all R&D costs. In exchange for granting licensing rights, Medicago will be entitled to receive an upfront of as much as C$33 million ($33.4 million) and milestone payments, as well as royalties for each product to be developed under this master agreement.
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