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Home Industry News Provalis sells vaccine to Sanofi Pasteur

Provalis sells vaccine to Sanofi Pasteur

23rd June 2006

British medical diagnostic and vaccines company Provalis has sold its vaccine candidates for streptococcus pneumoniae, a major cause of pneumonia.

The patent assignment agreement with Sanofi Pasteur, the French vaccines subsidiary of Sanofi-Aventis, will earn Provalis $1.25 million (685,000 pounds) a one-off, up-front fee. Sanfoi Pasteur in return will have exclusive, worldwide marketing rights for the vaccines on pre-determined terms. A Provalis statement said it preferred this agreement to a licensing deal.

The company revealed that although it had a number of vaccine candidates, the “significant costs” required to fund development through to clinical trials was too much for a company of Provalis’ size, meaning it had no choice but to offer its vaccine candidates for sale or licensing. The company also stated that no profits had been attributable to the pneumonia vaccines and that their gross asset value was less than 100,000 pounds.

Peter Woodford, Provalis’ interim chief executive, remarked: “The group stopped investing in the vaccine research and development division in autumn 2002.”

“Since then we have been pursuing a strategy of seeking partners for those early stage vaccine candidates that were developed, in order to maximise their value for shareholders,” he added.

Provalis is now concentrating on its medical diagnostics division, having divested the business earlier in the year after a new strategy “challenged the sustainability of a generics pharmaceutical business”.

The company is based in Deeside, Flintshire, Wales. In 2004, the company employed 130 staff.

track© Adfero Ltd

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