New York, May 12 - Intercell AG said it will acquire Iomai Corp. for $6.60 a share, a total of $189 million.
Major shareholders owning 41% of Iomai's shares will exchange them for 1.7 million Intercell shares while the remaining shares of Iomai will be purchased for cash.
The companies said the deal creates a "leading traveler's vaccine portfolio" by combining Intercell's Japanese encephalitis vaccine with Iomai's needle-free travelers' diarrhea vaccine. The travelers' diarrhea vaccine is planned to enter pivotal phase 3 trials in the first half of 2009 and is based on the only advanced needle-free vaccine patch technology in the industry.
Intercell added that the transaction will expand its pipeline and leverage its late stage product development and industrialization expertise with two further programs in clinical development including a vaccine patch for pandemic influenza in phase 2.
Existing reserves will be used for the cash portion of the payment.
The boards of both companies have approved the deal. Holders of more than 50% of Iomai's stock have agreed to vote in favor of the acquisition. The companies also need antitrust clearances and clearance by the Committee on Foreign Investment in the United States. Closing is expected in the third quarter.
Intercell is a Vienna, Austria, biotechnology company
Iomai is a Gaithersburg, Md., developer of vaccines and immune system stimulants.
| Acquirer: | Intercell AG
|
| Target: | Iomai Corp.
|
| Announcement date: | May 12
|
| Transaction total: | $189 million
|
| Price per share: | $6.60
|
| Expected closing: | Third quarter
|
| Stock price of target: | Nasdaq: IOMI: $2.92 on May 12
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
