Biopharmaceutical company VBI Vaccines Inc (Nasdaq: VBIV) announced on Wednesday that it has entered into agreements with Brii Biosciences (Brii Bio) for the sale of manufacturing capabilities and related assets in Rehovot, Israel, along with the intellectual property for VBI-2601, its hepatitis B immunotherapeutic candidate.

Additionally, Brii Bio gains an exclusive license for the Asia Pacific (APAC) region, excluding Japan, to develop and commercialise VBI-1901, VBI's glioblastoma immunotherapeutic candidate.

The deal, subject to certain activities, involves Brii Bio acquiring the intellectual property for VBI-2601 and the manufacturing capabilities at VBI's Rehovot facility. VBI receives USD2.5m upon signing and up to USD30.5m more, subject to specific achievements, with a targeted completion date of 30 June 2024.

Upon full transaction completion, VBI anticipates a significant reduction in its total debt principal under the current facility with K2 HealthVentures, bringing it down to USD17m.

Based in Cambridge, Massachusetts,VBI focuses on immunology-driven approaches for disease prevention and treatment, using virus-like particles (VLPs) and a proprietary enveloped VLP (eVLP) platform technology. The company targets infectious diseases such as hepatitis B, coronaviruses, cytomegalovirus (CMV), and aggressive cancers, including glioblastoma (GBM). With research operations in Ottawa, Canada and a site in Rehovot, Israel, VBI aims to harness the innate power of the human immune system.