LG Life Sciences announced today an agreement to license recombinant virus-like-particle (VLP) vaccine technology from Novavax. Under the agreement, LGLS receives an exclusive license to develop and pursue regulatory approval of influenza vaccines using Novavax's recombinant VLP technology for commercial sale in South Korea. LGLS also receives a non-exclusive license to develop influenza VLP vaccines in certain other countries.

LGLS will be responsible for funding clinical development and licensure of influenza VLP vaccines in South Korea and other countries, and for construction of a new VLP vaccine manufacturing facility planned at LGLS's Osong campus in South Korea. Novavax will receive upfront and milestones payments from LGLS in addition to double-digit royalty rate payments from commercial sales. Novavax will provide VLP technology transfer and manufacturing support for LGLS's new vaccine production facility.