Oramed Unit, Genomma Lab Join To Commercialize Oral COVID-19 Vaccine Candidate In Mexico

(RTTNews) - Oramed Pharmaceuticals Inc. (ORMP) and Genomma Lab Internacional announced the formation of a 50/50 joint venture between Genomma Lab and Oramed's majority-owned subsidiary Oravax Medical to develop and commercialize Oravax's COVID-19 vaccine candidate in Mexico. Oramed and Genomma Lab also announced their plans to enter into a $20 million share swap. Genomma Lab has also committed to participate in a future investment in Oravax.

If approved, Oravax's oral VLP vaccine would be used either as a standalone or as a booster for vaccinated individuals.

Genomma Lab is a pharmaceutical and personal care products company in Mexico. It operates in 20 countries in the Americas.

Shares of Oramed were up 2% in pre-market trade on Thursday.