Milbank LLP represented SK bioscience Co. Ltd. in its US$84.5 million equity investment in Novavax Inc., a deal that provides SK bioscience 6.5 million shares in the US vaccine maker.
Separately, Novavax extended its technology licensing deal with SK for a COVID-19 variant vaccine under development. The agreement provides SK exclusive commercial production rights for Novavax’s variant vaccine in South Korea and non-exclusive rights in Thailand and Vietnam.
“As it becomes clear that coronavirus is endemic, collaborations to respond to new variants and unexpected changes associated with the virus are necessary,” said Milbank partner David Cho, a member of the firm’s Global Corporate Group and head of the firm’s South Korea practice. “We are pleased to support this important transaction that will lead to enhanced strategic cooperation between two leading global vaccine developers as well as the ensuing innovation.”
The Seoul-based Milbank team was led by Mr. Cho and included Terry O’Donnell, Susan Yoon and Abril Kang.
