Microbix is transferring all of its influenza vaccine assets into Crucible, along with an exclusive worldwide license to its Virusmax technology, and the company’s 50% ownership interest in the Hunan joint venture in China.
The subsidiary is expected to bring Virusmax to the commercial market.
Virusmax is designed to increase influenza vaccine yields and the technology has demonstrated an increase in average yield of at least two-fold more than current vaccine production methods.
Microbix will move ahead with the first phase of vaccine facility, in which it will undertake complete detailed engineering of the entire vaccine facility, begin site preparation and construct the main vaccine production building.
In addition, initially, Microbix will finalise the formation of joint venture company and will deploy its management team of experts in global pharmaceutical and vaccine manufacturing.
In Phase two, the joint venture will install vaccine processes, complete construction of the manufacturing facility, and provide material for clinical trials.
In Phase three, the joint venture will scale up operations by adding an additional 100 million dose annual capacity.
In 2008, Microbix and the Hunan Biopharmaceutical entered into a 50:50 joint venture to build and operate a new influenza vaccine facility.
Under the agreement, Hunan will purchase 75% of total vaccine output from the facility in its first seven years of operation, which represents an estimated revenue of $500m.