June 23, 2020 / 5:26 AM / 2 months ago

BRIEF-Sanofi, Translate Bio To Expand Vaccine Collaboration

June 23 (Reuters) - Sanofi:

* SANOFI AND TRANSLATE BIO EXPAND COLLABORATION TO DEVELOP MRNA VACCINES ACROSS ALL INFECTIOUS DISEASE AREAS

* SANOFI AND TRANSLATE BIO EXPAND COLLABORATION TO DEVELOP MRNA VACCINES ACROSS ALL INFECTIOUS DISEASE AREAS

* TRANSLATE BIO TO RECEIVE $425 MILLION IN UPFRONT PAYMENT AND COMMON STOCK EQUITY INVESTMENT AND OVERALL IS ELIGIBLE TO RECEIVE UP TO $1.9 BILLION OF POTENTIAL MILESTONES/PAYMENTS

* TO RECEIVE EXCLUSIVE WORLDWIDE RIGHTS TO DEVELOP, MANUFACTURE AND COMMERCIALIZE INFECTIOUS DISEASE VACCINES USING TRANSLATE BIO TECHNOLOGY

* EXPANDED COLLABORATION BRINGS TOGETHER TRANSLATE BIO’S LEADING MRNA TECHNOLOGY AND MANUFACTURING WITH SANOFI’S WORLD CLASS VACCINE DEVELOPMENT AND DISTRIBUTION

* TRANSLATE BIO WILL RECEIVE A TOTAL UPFRONT PAYMENT OF $425 MILLION, CONSISTING OF A $300 MILLION CASH PAYMENT AND A PRIVATE PLACEMENT COMMON STOCK INVESTMENT OF $125 MILLION AT $25.59 PER SHARE

* TEAMS ARE CURRENTLY EVALUATING MULTIPLE COVID-19 VACCINE CANDIDATES IN VIVO FOR IMMUNOGENICITY

* COMPANIES HAVE GOAL OF INITIATING A FIRST-IN-HUMAN CLINICAL TRIAL IN THIS FIELD IN Q4 OF 2020.

* EVERCORE ACTED AS FINANCIAL ADVISOR TO TRANSLATE BIO FOR EXPANSION OF COLLABORATION AGREEMENT. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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