Medicago, a Toronto-listed biopharmaceutical company focused on developing vaccines from tobacco plants, has licensed a portfolio of plant-based protein development technologies from its minority shareholder, cigarette maker Philip Morris International.
Philip Morris Investments, the corporate venturing unit of the cigarette maker, owns 40% of Medicago and last month said the vaccine maker would pay $700,000 for the licenses.
In return, Philip Morris Products , a subsidiary of Philip Morris, has gained an exclusive license to develop, commercialize and manufacture Medicago’s pandemic and seasonal influenza vaccines for China for an upfront payment of $4.5m and performance fees of up to $7.5m, as well as any royalty payments.