Annapolis, MD-based PharmAthene has agreed to fork over up to $40 million to acquire the vaccines unit of the UK's Avecia Biologics. The acquisition--which is being paid for with a mix of cash and milestone paydays--gives PharmAthene two mid-stage vaccines: an anthrax vaccine that has been tested in two Phase II trials and a plague vaccine that is scheduled to enter Phase II. Avecia gets $10 million up front, $10 million more in a year and $20 million in contract milestones.
''There is a tremendous unmet need for a second-generation anthrax vaccine,'' said PharmAthene CEO David Wright. We believe that Avecia's vaccine is uniquely position to meet the current government requirements."
- here's the release
- read the report from the Gazette
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