MacroGenics snags Raven Biotechnologies in buyout

John Carroll — Thu, 17 Jul 2008 11:00:49 -0400

Rockville, MA-based MacroGenics has struck a deal to buy Raven Biotechnologies, a South San Francisco-based developer of oncology drugs. MacroGenics said it plans to issue stock to complete the buyout, but didn't disclose any details. Raven has developed a portfolio of proprietary cancer stem cells from primary tumors and has generated more than 1,300 monoclonal antibodies, "including many that target cancer stem cells and cancers of the lung, colon, pancreas, prostate, breast and ovary."

"Raven's discovery platform in cancer stem cell biology is highly complementary to MacroGenics' proprietary Fc-optimization and next-generation antibody platforms," said Scott Koenig, M.D., Ph.D., the president and CEO of MacroGenics. "We believe that this acquisition provides MacroGenics with critical mass in oncology discovery, which is one of the most scientifically and commercially promising areas of drug development... Moreover, with the wealth of these assets, we will expand our pursuit of collaborations and other strategic alliances with pharmaceutical and biotechnology companies."

- read the buyout release

Struggling VaxGen goes skeletal with cutbacks

Wed, 09 Apr 2008 06:59:56 -0400

With its planned merger involving Raven Biotechnologies on the rocks, a struggling VaxGen is cutting down to a skeletal staff, laying off 70 percent of its remaining 22 employees. Among the departing staffers is CFO Matthew Pfeffer. In a statement the developer said that its immediate future "is quite straightforward: reduce staffing and expenses to reflect the realities of not merging with Raven, continue our efforts to sell the Anthrax vaccine program and manufacturing facility and deal as best we can with our lease obligations, and importantly, reconfigure our board to deal with the future course of the company."

VaxGen has been grappling with the loss of a crucial $877 million contract to supply the U.S. government with an anthrax vaccine. The developer has been steadily paring back staff in the wake of that disaster.

- here's VaxGen's release
- read the story in the San Jose Business Journal

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