Under the terms of the share purchase agreement, Antonius Stegmann, co-founder and chief scientific officer (CSO) of Virosome Biologicals, will remain CSO of Virosome Biologicals.
The acquisition of Virosome Biologicals is expected to expand Mymetics’s current portfolio of vaccines which includes an HIV/AIDS early stage preventative vaccine in a Phase I human clinical trial in Belgium, and a malaria vaccine currently in a Phase Ib human clinical trial in Tanzania.
The acquisition brings two collaborations, an influenza vaccine in a Phase II human clinical trial in collaboration with the Solvay Group, and in collaboration with MedImmune, a respiratory syncytial virus vaccine under preclinical testing used to treat a major cause of respiratory illness in young children, as well as Bestewil’s herpes simplex virus development, for a total pipeline of three vaccine candidates.
The closing will take place on April 1, 2009. The purchase price of E7.5 million includes cash of E5 million, a secured 36 month 5% convertible and redeemable note of E2.5 million, as well as options with a value of approximately $9.6 million.
Christian Rochet, CEO of Mymetics, said: “This second acquisition fits into our corporate strategy; it increases our vaccine portfolio from two to three vaccines, it enhances the virosome delivery methodology, and it strengthens our R&D team. The enlarged company will have increased research capabilities, an expanded intellectual property portfolio and a strong set of clinical trials in the field of immunology.”