CureVac N.V. (NASDAQ:CVAC) to cut its workforce by 30% as part of a restructuring initiative, as GSK (NYSE:GSK) acquires full rights to develop, manufacture and commercialize globally mRNA candidate vaccines for influenza and COVID-19, for €1.45 billion plus royalties.
The new agreement extends CureVac’s (CVAC) cash runway into 2028, as the German biopharmaceutical company expects to deliver two or more clinical candidates by the end of 2025 and plans to initiate at least two new Phase 1 studies by the end of 2026.
Meanwhile, GSK (GSK) continues to develop and optimize its mRNA capabilities through investments and partnerships, including in AI/ML-based sequence optimization, nanoparticle design and manufacturing.
The new agreement replaces all previous financial considerations from the prior collaboration agreement between GSK (GSK) and CureVac (CVAC), the companies added.
In addition, CureVac (CVAC) retains exclusive rights to the additional undisclosed and preclinically validated infectious disease targets from the prior collaboration, together with the freedom to independently develop and partner mRNA vaccines in any other infectious disease or other indication.
CureVac’s ongoing patent litigation against Pfizer/BioNTech is unaffected by the new agreement.
“This new licensing agreement puts us in a strong financial position and enables us to focus on efforts in building a strong R&D pipeline,” Alexander Zehnder, Chief Executive Officer, CureVac said.
Completion of the new agreement remains subject to certain antitrust and regulatory approvals and customary closing conditions.