Copio / pego un post usano sobre el acuerdo de NVAX y Genocea. Interesante
Value of Matrix-M for NVAX in relation of Genocea HSV vaccine
- The deal between GNCA and Isconova for Matrix-M was executed in 2009, well before Isconova was acquired by NVAX. GNCA exclusively licensed the use of Matrix-M for HSV and Chlamydia, so they will be the only company who can use Matrix-M for vaccines related to these indications. They may sublicense the licensed rights. They also have licensed rights (time-limited exclusive and non-exclusive) for Neisseria gonorrhoeae, cytomegalovirus, Mycobacterium tuberculosis, and Streptococcus pneumonia
- GNCA will be obligated to pay NVAX developmental milestone payment. These payments equal up to approximately $3 million total for each disease indication. So if the GEN-003 HSV vaccine successfully completes all clinical trials and the NDA is approved, NVAX will get around 3 million total, which would have been spread out over the clinical development. GNCA has paid 100K as of the end of 2013, and although this is redacted, it is common in these types of agreements that the milestones are awarded at the start and/or end of a phase of a specific clinical trial, so the next payment may be due upon completion of the GEN-003 P2 or initiation of P3.
- GNCA will pay NVAX a low single digit royalty on net sales of products, not gross sales. The royalties payable to NVAX vary on a country-by-country and licensed product-by-licensed product basis based on the amount of net sales and the nature and timing of the licensed product's development. The exact numbers are redacted but let’s assume an average of 2.5% royalty on annual of worldwide sales of $1.5 Billion for GEN-003, which would put it in the top 5 of vaccines sales (Gardasil and Prevnar top this list with $2B and $4B in annual sales respectively) and would make it a definite blockbuster. Discounting for approx. net sales vs. gross sales NVAX would receive about 2.5% of 1.2 Bil, or 30mil annually, definitely not chump change, but not earth shattering. By the time GEN-003 gets to market NVAX should already have RSV elderly on the market, with maternal RSV and seasonal quadravalent flu not far behind. So from a value driving prospective, Matrix-M is a relatively small factor, and if in the future NVAX has to rely on Matrix-M revenue to be a value driver, this means they are screwed and RSV or Flu did not pan out
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