The little Maryland-based vaccine developer Iomai, which has posted some impressive data on a new therapy for traveler's diarrhea as well as an adjuvant for bird flu vaccines, is being bought out by Intercell for about $189 million. Intercell gains a mid-to-late-stage product in the needle-free diarrhea program, adding it to a Japanese encephalitis vaccine it has in development. The diarrhea patch is scheduled to enter Phase III in the first half of 2009. Intercell is looking for approvals of its vaccine by regulators around the globe this year.
In the deal, Iomai's public investors get cash for their shares while a group of large stakeholders will exchange their Iomai shares for shares in Intercell. Iomai was featured as one of FierceBiotech's emerging drug developers.