Vaxin acquires Immune Targeting Systems in all-stock deal

Vaxin has agreed to an all-stock purchase of ITS.
Vaxin has agreed to an all-stock purchase of ITS. | Vaxin

Vaxin, a clinical-stage biotechnology company, said on Tuesday that it has agreed to acquire Immune Targeting Systems, Ltd (ITS).

ITS develops T-cell vaccines in the United Kingdom and France, and Vaxin's company headquarters is located in Gaithersburg, Maryland. The company still will be known as Vaxin, and the agreement is an all-stock transaction. “This deal is truly transformative for Vaxin and sets us on a new trajectory," Bill Enright, president and CEO of Vaxin, said. “We look forward to advancing these innovative programs through clinical development.”

The newly formed company will contain several clinical-stage vaccines and other assets set to launch this year and in early 2016. The vaccines will include a hepatitis B therapeutic vaccine, which is set to begin a clinical study this year; its seasonal flu vaccine, NasoVax, which is in a Phase 2 study; and AdVAV, an anthrax vaccine, which is scheduled to begin a Phase 1 clinical study in early 2016. Vaxin will remain based in Gaithersburg, but will open facilities in Strasbourg, France, and London.

In addition to the acquisition, Vaxin also said it has received $16 million in new financing from investors in both companies, including HealthCap, Redmont Capital, Novartis Venture Fund and Truffle Capital.

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