Intercell AG, a Vienna based biotechnology company which makes adjuvants for vaccines, bought Iomai yesterday for approximately $189M ($6.60 per share, or a 126% premium over the previous day’s close). Intercell, which has a BLA pending with the FDA for a Japanese encephalitis vaccine, will gain full rights to Iomai’s late stage Travelers’ Diarrhea vaccine which is based on a proprietary needle-free patch delivery vaccine technology and has shown positive interim Phase II efficacy data. The Travelers’ Diarrhea vaccine is expected to enter pivotal Phase III trials in the first half of 2009.
I think this is a good deal for both sides. Iomai’s cash was thinning out ($15.5M remaining to start the year) and needed an influx to remain solvent, while Intercell found a truly synergistic partner for its vaccine franchise. If anything, I would say Intercell got a bargain. Not just in the pipeline, but in the novel, transcutaneous delivery system pioneered by Iomai. Needleless delivery of vaccines could both enhance efficacy of existing vaccines and enable the development of new vaccines that are not able to be delivered by current syringe methods.
(Image from Ciao-chow on flickr under a creative commons license)
Theoretically Related Posts
Eben is a highly caffeinated business development associate at a small, cash sensitive pharmaceutical company somewhere in Massachusetts. He enjoys cliche-less banter, compartmentalization, non-equilibrium thermodynamics and NPV analysis. Agree or disagree with what he's posted? He encourages comments.
If one were so inclined, one could follow him at any of these fine web 2.0 establishments:
Feel free to leave a comment below. Eben loves comments. You may also subscribe to comments through this RSS Comments feed or trackback here.
Add New Comment
Thanks. Your comment is awaiting approval by a moderator.
Do you already have an account? Log in and claim this comment.
Add New Comment
Trackbacks
(Trackback URL)