The two companies have signed a definitive agreement under which Epimmune will combine with privately-held IDM in an all-stock transaction.
By combining, Epimmune and IDM expect to create a leading company in the increasingly important field of immunotherapeutics, with a broader and more mature product pipeline, nearer-term product revenue opportunities, an improved cash position, and increased visibility in the financial markets.
The combined company, which will be called IDM Inc, will focus on seven product candidates in clinical development for cancer and infectious disease indications, including Osteosarcoma, Bexidem and Collidem.
Following the closing of the transaction, IDM Inc will be headquartered in San Diego, with manufacturing sites in Irvine, California and Paris, France, and will employ approximately 150 people.
The transaction has been unanimously approved by the boards of directors of both companies. The closing of the transaction is subject to certain closing conditions, but is expected to close in the second or third quarter of 2005.
“Combining Epimmune with IDM creates a leading immunotherapy company with greater strength and depth in its product pipeline and financial position, creating a better opportunity for success,” commented Dr Emile Loria, president and CEO of Epimmune.