LOS ANGELES Negotiations between Novavax and ROVI Pharmaceuticals collapsed after the two companies failed to find common ground in a planned vaccine-development agreement and secure sufficient funding, Novavax said Monday.
The vaccine maker is developing vaccines against seasonal and pandemic flu using what it calls virus-like particle technology. The two companies had previously planned to develop a vaccine in Spain.
“We are disappointed that we could not reach agreement with ROVI on the terms of our proposed collaboration and obtain the necessary funds to guarantee the advancement of the influenza program in Spain,” Novavax president and CEO Rahul Singhvi said in a statement. “We appreciate the Spanish government’s interest in working with us to develop a VLP-based flu vaccine solution for Spain and will continue to seek partners for in-border development of our influenza vaccine throughout Europe.”