Inovio to partner with Chinese biotech on COVID-19 vaccine candidate in Greater China – MarketWatch

Shares of Inovio Pharmaceuticals Inc. INO, -1.67% were up 4.5% in premarket trading on Monday after the company announced a licensing deal with Advaccine Biopharmaceuticals Suzhou Co. Ltd. for its COVID-19 vaccine candidate. As part of the agreement, the privately held Chinese biotech gains exclusive right to develop, manufacture, and commercialize the still-investigational vaccine in China, Hong Kong, Macao, and Taiwan. Advaccine will make an upfront payment of $3 million to Inovio, with additional possible milestone payments up to $108 million. Inovio may receive royalties based on annual net sales in the region if the vaccine is authorized or approved,…