The Board of Brii Biosciences Limited announced that the Company entered into license agreements with VBI Vaccines Inc. to expand the two companies' collaboration in the hepatitis B virus field. The license agreements with VBI signify a substantial expansion in the fight against hepatitis B infection. Pursuant to the agreements and subject to the terms and conditions thereof, the Company will acquire from VBI the exclusive global rights for the development and commercialization of BRII-179 (VBI-2601), extending its exclusive license for BRII-179 (V BI-2601) from Greater China to worldwide markets and further establishing its leadership position in pursuing HBV functional cure.

A growing body of evidence establishes the importance of a strong HBV-specific immune response to a durable HBV functional cure, highlighting a potentially important role of BRII-179 as part of a combination cure strategy. Additionally, pursuant to the agreements and subject to The terms and conditions thereof, the company will acquire from VBI theexclusive rights to develop and commercialize PreHevbri in Greater China and certain other Asia Pacific countries including Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand and Vietnam, among others. PreHevbri is a clinically differentiated 3-antigen adult HBV prophylactic vaccine recently approved for use in the United States, European Union/European Economic Area, United Kingdom, Canada, and Israel.

Under the terms of the agreements, VBI will be entitled to an upfront license fee of USD 7 million for BRII-179 (VBI-2601) and PreHevbri and is eligible to receive potential milestone payments for future development and commercialization, as well as royalties based on future annual net sales. In addition, the Company entered into a supply agreement with VBI, pursuant to which and subject to the terms and condition thereof, VBI will make an advance payment of US$5 million to VBI. Further, subject to certain closing conditions, the Company will make a US$3 million equity investment in VBI.