Evaxion A/S announced on September 25, 2025, that it has out-licensed its vaccine candidate EVX-B3 to MSD (Merck & Co., Inc.) as per their existing option and license agreement. This significant deal includes an upfront cash payment of $7.5 million to Evaxion.
Under the terms of the agreement, Evaxion is eligible for future development, regulatory, and sales milestone payments of up to $592 million, in addition to royalties on net sales. MSD will assume full responsibility and all costs for the further development of the preclinical EVX-B3 vaccine.
This $7.5 million cash payment immediately extends Evaxion’s cash runway into the first half of 2027. The out-licensing serves as a major validation of Evaxion’s AI-Immunology platform by a world leader in vaccine development and commercialization. Additionally, the evaluation period for EVX-B2, another preclinical vaccine candidate, has been extended, with MSD's decision on potential in-licensing now expected in the first half of 2026.
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