Bintai Kinden to pay US$10mil to Generex upon Covid-19 vaccine commercialisation

KUALA LUMPUR: Bintai Kinden Corporation Bhd’s subsidiary, Bintai Healthcare Sdn Bhd (BHSB) will be paying about US$10 million to Generex Biotechnology Corporation and its majority-owned subsidiary, NuGenerex Immuno-Oncology Inc, upon commencement of their Covid-19 vaccine’s commercialisation.

In a filing with Bursa Malaysia today, Bintai Kinden said BHSB has entered into a Distribution and Licensing Agreement (DLA) with Generex and NuGenerex on Oct 5.

“NuGenerex desires to grant to BHSB the exclusive right to distribute, sell and commercialise the COVID-19 vaccine derived from the vaccine platform that BHSB may purchase and/or license from Generex,” it said.

Upon obtaining the approval from the United States Food and Drug Administration and the relevant Malaysian authorities on the vaccine, BHSB will be purchasing the vaccine in the Naked Vial form from Generex/NuGenerex in batches based on the Kuala Lumpur International Airport’s (KLIA) Cost Insurance and Freight (CIF) price.

At a later stage, subject to the quantities being viable, BHSB will be purchasing the vaccine in bulk quantities from Generex/NuGenerex in batches based on the CIF KLIA price.

Bintai Kinden said in consideration for the Intellectual Property rights, commercialisation rights, distribution rights, licensing rights and other rights, BHSB shall make payable a sum of US$2.62 million for the pre-commercialisation stage and US$10 million for the commercialisation stages.

Source: NST