Chinese biopharmaceutical company Everest Medicines Ltd announced on Monday a strategic partnership with Canadian biotechnology company Providence Therapeutics Holdings Inc in an effort to develop mRNA COVID-19 vaccines.

Under the partnership, Everest is licensed rights to Providence's mRNA COVID-19 vaccine candidates in Asian emerging markets, including China, Southeast Asia and Pakistan. The two parties will also establish a broad, strategic partnership to develop mRNA products globally, leveraging Providence's cutting-edge mRNA technology platform.

Providence's lead mRNA COVID-19 vaccine candidate, which is currently in Phase 2 clinical trials, has demonstrated it is generally safe and well-tolerated and that the dosed subjects have high neutralization titers against the original strain of SARS-CoV-2 in an S protein-typed pseudovirus assay.

Everest and Providence will also enter into a 50/50 global collaboration, under which the parties will develop two additional prophylactic or therapeutic products.

"We're thrilled to enter into this agreement as we work together to bring novel mRNA vaccines to patients in need around the world and help combat COVID-19 as well as other diseases," said Brad Sorenson, CEO of Providence Therapeutics.

"In addition, this transaction structure with equity consideration and profit-sharing helps to align ongoing corporate interests between Everest and Providence, fostering future collaboration for innovative mRNA vaccine development across a range of disease areas.

"We believe mRNA vaccines for COVID-19 can provide another option in the armamentarium for fighting this pandemic. Gaining exclusive access to a unique and clinically validated mRNA technology platform through this strategic collaboration redoubles our commitment to accelerate global pharmaceutical innovation and deliver best-in-class medicines to people in China and other parts of Asia."

"The platform will enhance our discovery efforts and will allow us to explore the promise of mRNA therapies for patients across a variety of key disease areas," said Kerry Blanchard, chief executive officer of Everest Medicines.