GreenLight Biosciences Holdings (NASDAQ:GRNA) shares tumbled Monday, despite a new connection made with an Indian firm.
The company announced a licensing agreement with Serum Institute of India, Pvt, Ltd., aimed at accelerating accessibility to messenger RNA products in emerging markets globally.
Serum Institute is the world’s largest vaccine manufacturer by number of doses produced and sold. GreenLight Biosciences is a public benefit corporation whose RNA platform focuses on discovery, design, development, manufacturing, and commercialization of products for human, animal, and plant health.
The agreement reflects the commitment to vaccine equity by both GreenLight and SII. Their shared vision is to produce enough messenger RNA vaccines to meet the health needs of billions of people per year.
SII will have access to GreenLight’s proprietary technology platform to develop, manufacture, and commercialize up to three messenger RNA products in markets with a total population of more than five billion, including Africa, Latin America, the Middle East, and Asia (excluding China, Japan, and South Korea).
SII has an option to expand this license agreement to two additional messenger RNA vaccines or therapies to be named later. GreenLight retains the right to develop, manufacture, and commercialize those products licensed to SII in North America, Europe, Australia, New Zealand, China, Japan, and South Korea.
GreenLight will work to discover and design messenger RNA-based vaccine candidates, beginning with a shingles product, for SII to undertake clinical development, manufacturing, and commercialization.
GRNA shares fell $1.08, or 10.8%, to $8.90.
