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news.Oncology-focused biotech firm CancerVax and Micromet AG, a privately-held European biopharmaceutical company focused on the development of antibody-based drugs, have completed their merger.
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The combined company, now called Micromet Inc, is headquartered in Delaware in the US with Micromet AG becoming a wholly-owned subsidiary of the merged company.
Under the terms of the agreement, CancerVax issued common stock to Micromet stockholders such that Micromet stockholders now own approximately 67.5% of the combined company and CancerVax stockholders own approximately 32.5%.
The combined company has a broad drug development pipeline focused on oncology, autoimmune and inflammatory diseases, and a strong, proprietary technology base for the development of antibody-based product candidates.
“Micromet Inc builds on a strong pipeline of antibody-based therapeutics, a unique technology base, a strong R&D organization and established partnerships with premier biopharmaceutical companies. The company is now ideally positioned to address our key markets in both the US and Europe,” commented Christian Itin, president and CEO of Micromet Inc.