GlaxoSmithKline to Acquire Corixa Corporation - Developer of Novel Vaccine Adjuvants and Antigens
April 29 2005 - 6:21PM
PR Newswire (US)
GlaxoSmithKline to Acquire Corixa Corporation - Developer of Novel
Vaccine Adjuvants and Antigens LONDON and PHILADELPHIA, April 29
/PRNewswire-FirstCall/ -- GlaxoSmithKline Plc (NYSE:GSK) today
announced the execution of a definitive agreement pursuant to which
GSK will acquire Corixa Corporation (NASDAQ:CRXA), a developer of
innovative products that regulate immunity, based in Seattle, WA
(USA). The acquisition is structured as a cash for stock
transaction, with the shareholders of Corixa entitled to receive
$4.40 per common share, representing a total value of approximately
$300 million. The transaction, which has been unanimously approved
by Corixa's Board of Directors, is subject to approval of its
shareholders, regulatory clearance and certain other conditions.
GSK owns approximately 8% of the outstanding Corixa shares and
additional holders of approximately 11% of the shares have agreed
to vote their shares in favor of the transaction. The transaction
is expected to close in the third quarter of this year. As a result
of the acquisition, GSK will acquire all scientific and business
programs, activities, assets and all related rights of Corixa.
Importantly, GSK will acquire Corixa's manufacturing facility in
Hamilton, MT (USA) which produces Monophosphoryl Lipid A(R)
(MPL(R)), a novel adjuvant contained in many of the vaccines in
GSK's pipeline. Furthermore GSK will no longer incur royalties and
other costs under the existing agreements in place between GSK and
Corixa nor will GSK incur royalties on future sales of their
vaccines containing MPL(R). GSK will also acquire all assets
related to a candidate prophylactic tuberculosis vaccine and to a
portfolio of candidate immunotherapeutic cancer vaccines, being
developed by GSK Biologicals and which contain antigens discovered
by Corixa pursuant to a 1998 multi-field vaccine discovery
collaboration between the parties. As a result of the acquisition,
GSK will no longer be required to pay royalties related to these
antigens. Corixa's portfolio also includes other compounds such as
TLR4 agonists and antagonists. Jean Stephenne, President of GSK
Biologicals, said: "This is an important strategic deal for GSK's
vaccines division. MPL(R), in particular, is an important component
in many of our most promising vaccines under development, including
Cervarix(R), our candidate vaccine targeting infection with the
Human Papilloma Virus (HPV), a leading cause of cervical cancer.
"In addition, this also represents the next step in progressing
GSK's promising tuberculosis vaccine approach and its cancer
immunotherapeutics, as Corixa and GSK have together developed
considerable expertise in these areas over the years."
GlaxoSmithKline - one of the world's leading research-based
pharmaceutical and healthcare companies - is committed to improving
the quality of human life by enabling people to do more, feel
better and live longer. For company information, visit
GlaxoSmithKline on the World Wide Web at http://www.gsk.com/.
EDITORS NOTES: ABOUT MPL(R) MPL(R), a vaccine adjuvant from Corixa,
is a key component in many of the novel and GSK Bio proprietary
adjuvant systems used in the future vaccine pipeline of GSK
Biologicals. MPL(R) is a component in GSK Bio's new hepatitis B
vaccine, Fendrix(R), which in February this year received
regulatory approval from Europe's CHMP. MPL(R) is also included in
the adjuvant system used in GSK Bio's candidate malaria vaccine.
Other GSK Bio vaccines under development with MPL(R) include a
candidate prophylactic vaccine against cervical cancer caused by
HPV, a candidate prophylactic vaccine against herpes simplex and a
number of prophylactic vaccines specifically designed for
infections in seniors such as varicella zoster and the flu virus.
In addition MPL(R) is a key component in the adjuvant system GSK
Bio is testing in a number of its investigational cancer
immunotherapeutic vaccine approaches for the treatment of breast,
lung, melanoma or prostate cancers. GSK now has clinical experience
with MPL(R)-containing vaccines in over 80,000 doses and 30,000
subjects. In various clinical studies, GSK vaccines containing
adjuvant formulations which include MPL(R) as a component were
shown to improve antibody responses (kinetics and titers) and,
importantly, to improve cell-mediated immune responses important
for persistence of an effective immune response. GSK BIOLOGICALS
GSK Biologicals, one of the world's leading vaccine manufacturers,
is located in Rixensart, Belgium. Belgium is the center of all
GSK's activities in the field of vaccine research, development and
production. GSK Biologicals employs more than 1000 research
scientists who are devoted to discovering new vaccines and
developing more cost-effective and convenient combination products
to prevent infections that cause serious medical problems
worldwide. GSK Biologicals employs 3600 employees in Belgium (more
than 4450 worldwide). GSK/CORIXA PREVIOUS RELATIONSHIP GSK's
relationship with Corixa Corporation also included a collaboration
with GSK's pharmaceuticals division on Bexxar, a therapeutic
regimen for cancer indications. In December 2004 GSK acquired full
marketing and development rights for Bexxar worldwide from Corixa.
DATASOURCE: GlaxoSmithKline CONTACT: Vaccine: Anne Walsh, +32 2 656
9831, Mobile: +32 475 835 782; or UK Media: Philip Thomson, (020)
8047 5502, or David Mawdsley, (020) 8047 5502, or Chris
Hunter-Ward, (020) 8047 5502; or US Media: Nancy Pekarek,
+1-215-751-7709, or Mary Anne Rhyne: +1-919-483-2319, or Patricia
Seif, +1-215-751-7709; or European Analyst/Investor: Duncan
Learmouth, (020) 8047 5540, or Anita Kidgell, (020) 8047 5542, or
Jen Hill, (020) 8047 5543; or US Analyst/Investor: Frank Murdolo,
+1-215-751-7002, or Tom Curry, +1-215-751-5419, all of
GlaxoSmithKline Web site: http://www.gsk.com/ Company News On-Call:
http://www.prnewswire.com/comp/801350.html
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