The logo of the biopharmaceutical company CureVac is seen in front of the company’s headquarters in Tuebingen, southern Germany on June 23, 2020.
thomas kienzle/Agence France-Presse/Getty Images
GlaxoSmithKline on Monday said it was taking a stake in German vaccines maker CureVac, the latest move by a major drugmaker to boost capabilities to fight pandemics.
Glaxo said CureVac’s mRNA technology would complement its own capabilities.
Under the terms of the deal, GlaxoSmithKline GSK, +1.85% GSK, +0.79% will make an equity investment in CureVac of £130 million, for which it will get a stake close to 10%.
Glaxo also will make an upfront cash payment of £104 million and a one-time reimbursable payment of £26 million for manufacturing capacity reservation after CureVac’s commercial scale manufacturing facility currently under construction in Germany is certified.
CureVac will be eligible to receive development and regulatory milestone payments of up to £277 million, commercial milestone payments of up to £329 million and tiered royalties on product sales, Glaxo said.
The German government last month took a €300 million stake in CureVac — the company it accused the U.S. of trying to lure away as the coronavirus pandemic was starting to spread in Europe and the U.S. earlier this year.
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