Oramed Pharmaceuticals Inc. and Genomma Lab Internacional, S.A.B. de C.V. announced the formation of a 50/50 joint venture between Genomma Lab and Oramed's majority-owned subsidiary Oravax Medical Inc. to develop and commercialize Oravax's oral COVID-19 vaccine candidate in Mexico. Genomma 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 USD 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.