Evaxion out-licenses vaccine candidate EVX-B3 to MSD
Evaxion (NASDAQ: EVAX) has successfully out-licensed its vaccine candidate EVX-B3 to MSD (Merck) in a significant deal worth up to $592 million plus royalties. The agreement includes an immediate $7.5 million cash payment, extending Evaxion's cash runway to H1 2027.
MSD will take full responsibility for EVX-B3's development, which targets a pathogen associated with serious medical complications and currently has no available vaccines. The deal validates Evaxion's AI-Immunology™ platform technology.
Additionally, MSD has extended its evaluation period for a second vaccine candidate, EVX-B2 (targeting Gonorrhea), with a licensing decision expected in H1 2026. If exercised, this option would bring an additional $2.5 million upfront payment plus similar milestone payments and royalties.
Evaxion (NASDAQ: EVAX) ha concluso un importante accordo di licensing con MSD (Merck) per il suo candidato vaccinale EVX-B3, con un valore complessivo che può arrivare fino a $592 milioni più royalty. L'intesa prevede un pagamento immediato in contanti di $7,5 milioni, estendendo la disponibilità di cassa di Evaxion fino al primo semestre del 2027.
MSD si assumerà la piena responsabilità dello sviluppo di EVX-B3, che mira a un patogeno associato a complicanze mediche gravi e attualmente privo di vaccini disponibili. L'accordo valida la tecnologia di piattaforma AI-Immunology™ di Evaxion.
Inoltre, MSD ha esteso il periodo di valutazione per un secondo candidato di vaccino, EVX-B2 (target gonorrea), con una decisione licenziativa attesa nel primo semestre del 2026. Se esercitata, questa opzione comporterebbe un ulteriore pagamento upfront di $2,5 milioni, oltre a simili milestone e royalties.
Evaxion (NASDAQ: EVAX) ha licenciado con éxito su candidato a vacuna EVX-B3 a MSD (Merck) en un acuerdo importante que puede valer hasta $592 millones más regalías. El acuerdo incluye un pago inmediato en efectivo de $7,5 millones, lo que extiende la liquidez de Evaxion hasta el primer semestre de 2027.
MSD asumirá la total responsabilidad del desarrollo de EVX-B3, que apunta a un patógeno asociado con complicaciones médicas graves y que actualmente no tiene vacunas disponibles. El acuerdo valida la tecnología de la plataforma AI-Immunology™ de Evaxion.
Además, MSD ha extendido su periodo de evaluación para un segundo candidato de vacuna, EVX-B2 (contra la gonorrea), con una decisión de licencia prevista para el primer semestre de 2026. Si se ejerce, esta opción otorgaría un pago inicial adicional de $2,5 millones más regalías y hitos similares.
Evaxion(나스닥: EVAX)은 자사의 백신 후보물질 EVX-B3를 MSD(Merck)에 성공적으로 라이선스 아웃했고, 최대 $592 million에 달하는 큰 계약으로 로열티를 포함합니다. 이 계약에는 즉시 현금으로 $7.5 million이 지급되며, Evaxion의 현금 흐름은 2027년 상반기까지 연장됩니다.
MSD가 EVX-B3의 개발에 대한 모든 책임을 지며, 중대한 의학적 합병증과 연관된 병원체를 목표로 하고 현재 이용 가능한 백신이 없는 상태입니다. 이 계약은 Evaxion의 AI-Immunology™ 플랫폼 기술의 가치를 입증합니다.
또한 MSD는 두 번째 백신 후보인 EVX-B2 (임질gonorrhea 대상)의 평가 기간도 연장했으며, 라이선스 결정은 2026년 상반기를 예상합니다. 행사될 경우 추가로 $2.5 million의 선급 지급과 유사한 마일스톤 및 로열티가 따라올 것입니다.
Evaxion (NASDAQ : EVAX) a conclu avec succès la cession de licence de son candidat vaccin EVX-B3 à MSD (Merck) dans un accord important évalué à $592 millions plus des royalties. L'accord comprend un versement immédiat en numéraire de $7,5 millions, prolongeant la trésorerie d’Evaxion jusqu’au premier semestre 2027.
MSD assumera l’entière responsabilité du développement d’EVX-B3, qui cible un agent pathogène associé à des complications médicales graves et qui ne dispose actuellement d’aucun vaccin. L’accord valide la technologie de la plateforme AI-Immunology™ d’Evaxion.
De plus, MSD a prolongé sa période d’évaluation pour un second candidat vaccin, EVX-B2 (ciblant la gonorrhée), avec une décision de licence attendue au premier semestre 2026. Si exercée, cette option entraînerait un paiement initial supplémentaire de $2,5 millions ainsi que des paiements de jalons et des royalties similaires.
Evaxion (NASDAQ: EVAX) hat erfolgreich seinen Vakzin-Kandidaten EVX-B3 an MSD (Merck) in einem bedeutenden Deal lizenziert, der bis zu $592 Millionen zuzüglich Royalties umfassen kann. Die Vereinbarung sieht eine sofortige Barzahlung von $7,5 Millionen vor und verlängert Evaxions Cash-Runway bis zum ersten Halbjahr 2027.
MSD wird die volle Verantwortung für die Entwicklung von EVX-B3 übernehmen, das auf einen Krankheitserreger abzielt, der mit schwerwiegenden medizinischen Komplikationen verbunden ist und derzeit keine verfügbaren Impfstoffe hat. Der Deal validiert Evaxions AI-Immunology™ Plattformtechnologie.
Zusätzlich hat MSD die Evaluationsfrist für einen zweiten Vakzin-Kandidaten, EVX-B2 (gegen Gonorrhoe), verlängert, mit einer Lizenzentscheidung im ersten Halbjahr 2026 erwartet. Falls diese Option ausgeübt wird, würde sie eine zusätzliche $2,5 Millionen upfront sowie ähnliche Meilensteine und Royalties umfassen.
إيفاكسين (بورصة ناسداك: EVAX) نجحت في ترخيص مرشح التطعيم EVX-B3 لشركة MSD (ميرك) في صفقة كبيرة تصل قيمتها إلى $592 مليون بالإضافة إلى العوائد الملكية. تشمل الاتفاقية دفعة نقدية فورية قدرها $7.5 مليون، مما يمد آفاق سيولة Evaxion حتى النصف الأول من عام 2027.
سيتولى MSD المسؤولية الكاملة عن تطوير EVX-B3، الذي يستهدف عامل مرضي مرتبط بمضاعفات طبية خطيرة ولا يتوفر له لقاح حتى الآن. الصفقة تعترف بتقنية منصة AI-Immunology™ من Evaxion.
بالإضافة إلى ذلك، مددت MSD فترة التقييم الخاصة بمرشح لقاح ثانٍ، EVX-B2 (يستهدف gonorrhea)، مع توقع اتخاذ قرار ترخيص في النصف الأول من 2026. إذا تم تفعيل الخيار، فسيضيف دفعة مقدمة إضافية قدرها $2.5 مليون إلى جانب دفعات milestones وحقوق ملكية مماثلة.
Evaxion（纳斯达克股票代码：EVAX） 已成功将其疫苗候选药物 EVX-B3 授权给 MSD（默克），达成一项重要协议，最高金额可达 $592 百万美元，并含有版税。该协议包括一项即时现金支付 $7.5 百万美元，将 Evaxion 的现金燃料延长至 2027 年上半年。
MSD 将全面负责 EVX-B3 的开发，该药物针对一类与严重医疗并发症相关的病原体，目前还没有可用的疫苗。此交易验证了 Evaxion 的 AI-Immunology™ 平台技术。
此外，MSD 还延长了对第二个疫苗候选药物 EVX-B2（针对淋病）的评估期，预计在 2026 年上半年作出许可决定。如果行使该选项，额外将有 $2.5 百万美元 的首期付款，以及类似的里程碑支付和版税。
- Immediate $7.5M cash payment extends runway to H1 2027
- Potential milestone payments of up to $592M plus royalties
- Partnership with global vaccine leader MSD validates AI platform
- Additional potential $2.5M payment for EVX-B2 option
- MSD assumes all development costs for EVX-B3
- Extended evaluation period for EVX-B2 delays potential licensing decision to H1 2026
- Milestone payments may be discounted if both programs progress
Insights
Evaxion's licensing deal with MSD validates their AI platform and significantly extends their cash runway through 2027.
This licensing deal represents a significant validation for Evaxion's AI-Immunology™ platform. MSD (Merck) exercising their option on the EVX-B3 vaccine candidate delivers
The financial structure of this deal is particularly favorable for a preclinical-stage asset. While many biotech licensing deals are heavily back-loaded, the
Beyond the immediate financial impact, this partnership delivers strategic value through validation from MSD, a leading vaccine developer. MSD's decision to take full development responsibility signals confidence in Evaxion's AI-discovered targets. Additionally, MSD retaining an option on a second candidate (EVX-B2) for Gonorrhea indicates this isn't just a one-off transaction but potentially a broader technological endorsement.
The extended evaluation period for EVX-B2 (decision expected H1 2026) suggests MSD is conducting thorough due diligence before potentially committing additional capital. If exercised, this would bring another
This deal transforms Evaxion's financial position from a typical cash-constrained biotech to having runway for continued platform development while reducing dilution risk for existing shareholders.
The MSD licensing agreement represents more than just a financial transaction—it's a powerful validation of Evaxion's AI-Immunology™ platform technology. For a major pharmaceutical leader like MSD to commit to a preclinical candidate discovered through AI demonstrates significant confidence in Evaxion's technological approach to vaccine discovery.
What makes EVX-B3 particularly notable is that it targets a pathogen for which no vaccines currently exist and that is associated with serious medical complications. The press release specifically notes that Evaxion's platform uncovered "novel targets that would otherwise remain undiscovered," highlighting the differentiated value proposition of their AI approach compared to traditional vaccine development methods.
MSD's statement that "Evaxion has identified novel protective vaccine targets for a pathogen long considered difficult to address" further emphasizes the breakthrough nature of this discovery. This suggests that Evaxion's AI platform is solving problems that conventional approaches have struggled with for years.
The extended evaluation period for EVX-B2 (Gonorrhea vaccine) with "further experiments" indicates MSD is applying rigorous scientific scrutiny but remains interested enough to continue the partnership. Gonorrhea represents a significant unmet medical need with increasing antibiotic resistance, making a successful vaccine highly valuable.
From a technological perspective, this deal demonstrates that Evaxion's AI platform has progressed beyond theoretical promise to delivering candidates compelling enough for a major pharmaceutical company to invest in. The validation from MSD may also position Evaxion to secure additional partnerships for other AI-discovered vaccine candidates in their pipeline.
- MSD exercises its option on vaccine candidate EVX-B3 for a cash payment of
$7.5 million , which extend Evaxion’s cash runway to first half of 2027 - MSD will assume full responsibility for the further development of EVX-B3 with Evaxion eligible for development, regulatory and sales milestone payments with a potential value of up to
$592 million , as well as royalties on sales - MSD retains an option for a second vaccine candidate, EVX-B2, for which the evaluation period is extended with a decision on potential licensing expected in the first half of 2026
- Evaxion will host a conference call and webcast to discuss these events at 2.30pm CT/8.30am ET today
COPENHAGEN, Denmark, September 25, 2025 - Evaxion A/S (NASDAQ: EVAX) (“Evaxion”), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, has out-licensed its vaccine candidate EVX-B3 to MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA) as per the option and license agreement entered between the two companies in September 2024.
Evaxion will receive a cash payment of
EVX-B3, currently in preclinical development, aims to address a serious global medical issue, targeting a pathogen associated with repeated infections, increasing incidence and often serious medical complications, and for which no vaccines are currently available. Identified with Evaxion’s AI-Immunology™ platform, EVX-B3 showcases the platform’s unique ability to uncover novel targets that would otherwise remain undiscovered.
“We are delighted that MSD has exercised its option on EVX-B3 following a very successful collaboration. This has significant financial value for us, but equally important is the massive validation of our AI-Immunology™ platform by MSD, the world leader in vaccine development and commercialization. We could not have found a better partner to develop and maximize the full potential for our AI-discovered vaccine candidate. Further, this exemplifies our strategic approach to monetize value through high-impact partnerships,” says Birgitte Rønø, CSO and interim CEO of Evaxion.
“With its AI-Immunology™ platform, Evaxion has identified novel protective vaccine targets for a pathogen long considered difficult to address. We look forward to further evaluating EVX-B3 as part of our early vaccine pipeline,” says Tarit Mukhopadhyay, Vice President, Head of Infectious Diseases and Vaccine Discovery, MSD Research Laboratories.
Cash runway extended
The cash payment of
EVX-B2 evaluation period extended
EVX-B3 was discovered and developed in a collaboration between Evaxion and MSD originally established in September 2023. A year later, the collaboration was expanded through the option and license agreement also covering EVX-B2, a preclinical vaccine candidate against Gonorrhea.
Evaxion and MSD have agreed to extend the evaluation period for EVX-B2 as an amendment to the option and license agreement. The extension follows an expansion of the initial evaluation plan encompassing further experiments. Consequently, a decision on potential in-licensing of EVX-B2 by MSD is now expected in the first half of 2026.
Should MSD exercise the option on EVX-B2, Evaxion will receive a cash payment of
Conference call and webcast
Evaxion’s Executive Management will host a conference call and webcast today at 2.30pm CET/8.30am EST, discussing the events as outlined above. The call will include a Q&A session.
To join the conference call, listen to the presentation and ask verbal questions, please register in advance via this link to receive the dial-in telephone numbers and a unique pin code. The call can be accessed 15 minutes prior to the start of the live event.
To join the webcast, please click on this link. The webcast recording will be available on our website shortly after the event.
Contact information
Evaxion A/S
Mads Kronborg
Vice President, Investor Relations & Communication
+45 53 54 82 96
mak@evaxion.ai
About Evaxion
Evaxion is a pioneering TechBio company based upon its AI platform, AI-Immunology™. Evaxion’s proprietary and scalable AI prediction models harness the power of artificial intelligence to decode the human immune system and develop novel immunotherapies for cancer, bacterial diseases, and viral infections. Based upon AI-Immunology™, Evaxion has developed a clinical-stage oncology pipeline of novel personalized vaccines and a preclinical infectious disease pipeline in bacterial and viral diseases with high unmet medical needs. Evaxion is committed to transforming patients’ lives by providing innovative and targeted treatment options. For more information about Evaxion and its groundbreaking AI-Immunology™ platform and vaccine pipeline, please visit our website.
Forward-looking statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,” “contemplate,” “continue,” “estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could,” and other words and terms of similar meaning identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including, but not limited to, risks related to: our financial condition and need for additional capital; our development work; cost and success of our product development activities and preclinical and clinical trials; commercializing any approved pharmaceutical product developed using our AI platform technology, including the rate and degree of market acceptance of our product candidates; our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; government regulation; protection of our intellectual property rights; employee matters and managing growth; our ADSs and ordinary shares, the impact of international economic, political, legal, compliance, social and business factors, including inflation, and the effects on our business from other significant geopolitical and macro-economic events; and other uncertainties affecting our business operations and financial condition. For a further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission (SEC), which are available at www.sec.gov. We do not assume any obligation to update any forward-looking statements except as required by law.
FAQ
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