Vaccitech plc (NASDAQ: VACC), a clinical-stage biopharmaceutical
company engaged in the discovery and development of novel
immunotherapies and vaccines, today announced that it has acquired
US-based Avidea Technologies, Inc. (“Avidea”).
The consideration to Avidea’s existing shareholders is $40
million (comprised of approximately $12.5 million in cash and $27.5
million in Vaccitech American Depository Shares) in addition to
potential future payments that are conditioned upon the achievement
of certain development milestones.
The acquisition of Avidea strengthens Vaccitech’s
position as a leader in immunotherapies and vaccines.
Product candidates: Avidea’s existing
product candidates are based on its SNAPvaxTM platform. As reported
in several recent high-profile publications, Nature Biotechnology
and Nature Immunology, the SNAPvaxTM platform uses self-assembly to
co-deliver multiple antigens and immunomodulators in nanoparticles
of precise, programmable size and composition, thereby enabling
immunotherapy product candidates with tighter control over immune
responses. The SNAPvaxTM platform can be configured either to
induce high magnitude cytotoxic T cells for treating cancer and
chronic infections or to induce regulatory T cells for treating
autoimmunity and allergies.
Within oncology, Avidea’s platform will expand Vaccitech’s pool
of target antigens and can be used to augment Vaccitech’s
heterologous prime-boost vaccines, thereby increasing the
probability of therapeutic success in this highly competitive area.
The ability to induce antigen-specific regulatory CD4+ T cells with
SNAPvaxTM also broadens the range of therapeutic areas that
Vaccitech can pursue to include allergies and autoimmune diseases,
each with significant market potential.
In both therapeutic areas, Avidea’s product candidates have been
validated in rigorous preclinical (in vivo) proof of concept
studies and are within approximately 12 months of IND filing.
A platform and discovery engine: Avidea
was founded in 2016 to develop next generation T cell
immunotherapies and draws on its founders’ research at several of
the world’s leading institutions, including the Vaccine Research
Center at the National Institutes of Health (NIH), the Johns
Hopkins University, and the University of Oxford.
Avidea’s co-founders – Geoffrey Lynn, Ph.D., and Andrew
Ishizuka, Ph.D. – will both join Vaccitech to continue to drive
development of SNAPvaxTM product candidates and expand Vaccitech’s
U.S. operational presence. The deep R&D capabilities of the
combined teams will ensure the full potential of the technology
platforms can be realized to fuel a more diverse and resilient
pipeline of product candidates.
“Avidea’s technologies are complementary to our own ChAdOx-MVA
prime-boost platform and create a powerful opportunity to
accelerate the development of novel product candidates for exciting
new disease areas,” said Bill Enright, Chief Executive Officer of
Vaccitech. “This is a timely and synergistic acquisition which also
grows our operational and R&D presence in the United
States.”
Thomas Evans, M.D., Chief Scientific Officer of Vaccitech, said,
“Avidea’s SNAPvaxTM platform is designed to address key limitations
of competing approaches and offers an innovative means for
developing more effective immunotherapies for oncology, infectious
diseases and now autoimmunity. There is potential to mix platforms,
such as a ChAdOx and SNAPvax in prime-boost combinations, which may
provide advantages in terms of safety, manufacturability, and
efficacy for expanding our pipeline. In addition, we have a common
heritage: both of our companies emerged from leading vaccine
centers, including the University of Oxford, with a common
objective to harness the immune system to treat and cure serious
diseases.”
“We are excited to become part of Vaccitech and have a shared
vision for advancing the next generation of immunotherapies.
Vaccitech is a perfect fit for the Avidea team and technology. Our
teams are both expert in immunotherapies leveraging T cell and
antibody immunity, but we have unique and complementary approaches
that we expect will lead to immense synergies. The Vaccitech team
has also built an impressive infrastructure and capabilities that
will help realize the full potential of Avidea’s technologies and
accelerate the development of promising immunotherapy product
candidates to patients who need them. Their commitment to R&D
also provides an ideal setting to advance several other promising
early-stage assets in Avidea’s pipeline, including our programs in
RNA delivery,” said Geoffrey Lynn, Ph.D., Chief Executive Officer
of Avidea.
Conference call and webcast information
Vaccitech will host a live conference call and webcast today,
December 14, 2021 at 8:30 a.m. EST. Listeners may access the live
webcast by visiting the Company’s website at
https://investors.vaccitech.co.uk/news-and-events/events. Investors
may participate in the conference call by dialing (866) 966-1396 in
the U.S., or +44 (0) 2071 928000 outside the U.S., and entering
passcode 6917947. An archived version of the webcast will be
available for 12 months at
https://investors.vaccitech.co.uk/news-and-events/events.
About Vaccitech Plc.
Vaccitech (“the Company”) is a clinical-stage biopharmaceutical
company engaged in the discovery and development of novel
immunotherapies and vaccines for the treatment and prevention of
infectious diseases and cancer. The company’s proprietary platform
comprises proprietary modified simian adenoviral vectors, known as
ChAdOx1 and ChAdOx2, as well as the well-validated Modified
Vaccinia Ankara, or MVA, boost vector, both with demonstrable
tolerability profiles and without the ability to replicate in
humans. The combination of a ChAdOx prime treatment with subsequent
MVA boost has consistently generated significantly higher
magnitudes of CD8+ T cells compared with other technologies and
approaches. The company has a broad pipeline of both clinical and
preclinical stage therapeutic programs in solid tumors and viral
infections and prophylactic viral vaccine programs. Vaccitech
co-invented a COVID-19 vaccine with the University of Oxford, now
approved for use in many territories and exclusively licensed
worldwide to AstraZeneca through Oxford University Innovation, or
OUI. Vaccitech is entitled to receive a share of the milestones and
royalty income received by OUI from AstraZeneca.
About Avidea TechnologiesAvidea is a
privately-held biotechnology company that is advancing the next
generation of safer and more effective T cell immunotherapies for
treating cancer, infections, and autoimmune diseases. Avidea’s
precision immunotherapies are enabled by polymer-drug conjugate
technologies, which are purpose-built to address the need for
improved T cell and antibody-based immunotherapies. Avidea’s
platforms have established cGMP processes and compelling in vivo
proof-of-concept data in rigorous preclinical models, and enable a
strong pipeline of immunotherapies that will enter clinical testing
in 2022 and 2023. For more information visit
www.avideatechnologies.com.
Forward Looking StatementThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended,
including, without limitation, express or implied statements
regarding: the expected benefits of the Company’s acquisition of
Avidea, including the continued development of the SNAPVax platform
and expansion of the Company’s product candidate pipeline. The
words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
forward-looking statements in this press release are based on
management’s current expectations and beliefs and are subject to
numerous risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed
or implied by any forward-looking statements contained in this
press release, including, without limitation: the success, cost and
timing of the Company’s product development activities and planned
and ongoing clinical trials, the Company’s ability to execute on
its strategy, regulatory developments, the Company’s ability to
fund its operations and the impact that the current COVID-19
pandemic will have on the Company’s clinical trials and preclinical
studies and other risks identified in the Company’s filings with
the Securities and Exchange Commission (the “SEC”), including its
Quarterly Report on Form 10-Q for the first quarter of 2021 and
subsequent filings with the SEC. The Company cautions you not to
place undue reliance on any forward-looking statements, which speak
only as of the date they are made. The Company expressly disclaims
any obligation to publicly update or revise any such statements to
reflect any change in expectations or in events, conditions or
circumstances on which any such statements may be based, or that
may affect the likelihood that actual results will differ from
those set forth in the forward-looking statements.
Media contacts:
Katja StoutScius Communications (EU)Direct: +44 (0)
7789435990Email: katja@sciuscommunications.com
Robert Flamm, Ph.D.Burns McClellan, Inc.212-213-0006 ext.
364 Email: rflamm@burnsmc.com
Henry HodgeVaccitechEmail: henry.hodge@vaccitech.co.uk
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