Intercell AG has received a payment of €40m from Novartis as part of a strategic alliance focused on vaccine development, which was formed between the two companies in July 2007.
Intercell, a spin-out from the Campus Vienna Biocenter, Austria, formed a long-term collaboration with Novartis to accelerate innovation in the development of vaccines against infectious disease. Through the alliance, Novartis is granted option rights to future vaccine candidates discovered by Intercell.
The €40 million payment follows a €150 nillion equity investment made by Novartis in September 2007, and an option fee and upfront licence fee of €80 million, paid in November 2007.
Intercell’s lead product is a vaccine against Japanese encephalitis, and vaccines in its development pipeline include those against Pseudomonas and Staphylococcus aureus.