Shares of Inovio Pharmaceuticals Inc. (NAS:INO) 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, though the company's COVID-19 vaccine candidate has not been authorized or approved in any countries. A Phase 2 clinical trial in China is currently underway. Inovio's stock has soared 196.9% over the last year, while the S&P 500 (S&P:SPX) is up 16.2%.
Jan. 4, 2021, 8:21 a.m. EST