Press release
Oramed Subsidiary Oravax Medical and Genomma Lab Internacional Announce Joint Venture to Develop and Commercialize Oral COVID-19 Vaccine in Mexico and Drive Business Development in Latin America
- Millions of people in the region could benefit from the COVID-19 vaccine candidate- faster, easier, without the cold chain: The Oravax Oral Vaccine - The
About this update from Oramed Pharmaceuticals Inc.
[{"type":"text","content":"- Millions of people in the region could benefit from the COVID-19 vaccine candidate- faster, easier, without the cold chain: The Oravax Oral Vaccine\n - The new partnership builds on the respective strengths of Oravax Medical and Genomma Lab to create compelling value for both companies and their stakeholders\n - Press conference with Nadav Kidron, CEO of Oramed & Chairman of Oravax, and Rodrigo Herrera, Chairman of Genomma Lab, to take place today, Thursday, November 18 at 11:00 am EST\n\n\nNEW YORK and MEXICO CITY, Nov. 18, 2021 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (Nasdaq: ORMP) (TASE: ORMP) (www.oramed.com), a clinical-stage pharmaceutical company focused on the development of oral drug delivery systems, and Genomma Lab Internacional, S.A.B. de C.V. (BMV: LABB) (www.genommalab.com/en/), a leading pharmaceutical and personal care product company in Latin America with an expanding international presence, today announced the formation of a 50/50 joint venture between Genomma Lab and Oramed's majority-owned subsidiary Oravax Medical Inc. (www.ora-vax.com) to develop and commercialize Oravax's oral COVID-19 vaccine candidate in Mexico. \nGenomma Lab is expected to contribute resources to the joint venture's oral COVID-19 vaccine development, as well as clinical, regulatory, and commercial activities in Mexico supported by close strategic cooperation between the two companies. Genomma Lab will leverage its extensive supply chain capabilities, partnerships and market presence in Latin America to support the business development process and vaccine roll-out throughout the region. To align interests and deepen the collaboration, Oramed and Genomma Lab announced their intention to enter into a US$20 million share swap based on the average closing price of their respective shares during the past 15 trading days. Genomma Lab has also committed to participate in a future investment in Oravax.\nNadav Kidron, Oramed CEO and Oravax Chairman, and Rodrigo Herrera, Genomma Lab Chairman, will hold a joint press event today, Thursday, November 18, 2021, at 11:00 am EST. \nTo view the press event: https://us02web.zoom.us/webinar/register/WN_QTGUI13dTdmWdUFKrg_Tbg\n\"We are very excited to be partnering with Genomma. The synergies between our respective companies' core competencies made it clear that the combination of our particular stren...