PharmAthene, Theraclone deal
Biodefense company PharmAthene and antibody company Theraclone will merge in a stock deal, which is expected to close next quarter. PharmAthene will be the surviving entity. Theraclone will own 50% of the surviving entity. Theraclone's CEO Clifford Stocks will become president and CEO of the entity, and PharmAthene's CEO Eric Richman will become a director. Both of the company's boards approved the merger, which is subject to shareholder approval. The companies declined to provide Theraclone's valuation. PharmAthene had $12.9 million in cash as of March 30 and an operating loss of $6.3 million in 2012. Leerink Swann was financial advisor to PharmAthene. Healthios Capital Markets was financial advisor to Theraclone.
The combined company's pipeline will include two Theraclone antibody products, TCN-202 and TCN-032, and two anthrax vaccines from PharmAthene. Additionally, the company will leverage use of Theraclone's' I-STAR technology, which can screen human memory B cells to identify antibodies against relevant targets. TCN-202 is a human mAb that recognizes a broadly conserved functional epitope on human cytomegalovirus (CMV) that completed Phase I testing to prevent and treat CMV infection in patients undergoing organ transplant surgery. A Phase II trial is slated to start this year. TCN-032 is a human mAb that specifically binds to a conserved epitope of the amino-terminal extracellular domain (M2e) of influenza A virus matrix protein M2 (M2). TCN-032 has completed a Phase IIa trial to treat pandemic and severe seasonal influenza, with data expected this year. Zenyaku Kogyo Co. Ltd. (Tokyo, Japan) has exclusive, Japanese rights to Theraclone's influenza mAb program, which includes TCN-032. ...