PowerJect's product play

PowderJect Pharmaceuticals plc has placed a twist on the traditional drug delivery model of improving existing products with a given technology, as the company last week purchased one of the products it plans to reformulate through the acquisition of Medeva Vaccines from Celltech Group plc. PowderJect (LSE:PJP, Oxford, U.K.) will realize a revenue stream from sales of Celltech's Fluvirin triple antigen influenza vaccine, even as it develops a needleless injection formulation of the product.

Under the deal, PJP will acquire the Medeva Vaccines business unit from Celltech (LSE:CCH; CLL, Slough, U.K.) for £30 million ($43.9 million) in cash and £25 million ($36.6 million) of PJP convertible notes (see B3). ...