Singapore, May 14, 2008: Austria’s Intercell AG will acquire Iomai Corporation, a US based biotechnology company for $189 million.
As part of the deal, Intercell will gain full rights to Iomai's late stage Travelers' Diarrhea vaccine, which is based on Iomai's proprietary needle-free patch delivery vaccine technology and has shown positive interim phase II efficacy data. The Travelers' Diarrhea vaccine is expected to enter pivotal phase III trials in the first half of 2009.
Gerd Zettlmeissl, CEO of Intercell, said, "This transaction further expands our leadership in vaccine innovation, greatly enhances Intercell's R&D technology base and further strengthens our late stage vaccine portfolio. Building on our proven experience in industrialization and in moving novel products to the market, Intercell is fully committed to becoming the leading pure play vaccine company globally. We look forward to welcoming Iomai's employees to Intercell and are excited by the potential of the combined group to create significant value for all stakeholders."
Stanley C. Erck, President and CEO of Iomai said, "We have built a dynamic and scientifically driven organisation. This strategic combination with Intercell will create a stronger; more diversified vaccine company and will accelerate the development of Iomai's vaccine programs and fully leverage our innovative TCI technology. We believe this transaction is in the best interest of all parties, including shareholders, employees and ultimately patients."
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