Date: 2016-05-02
Type of information: Company acquisition
Acquired company: Bioject Medical Technologies (USA)
Acquiring company: Inovio Pharmaceuticals (USA - PA)
Amount: $5.5 million (€ 4.92 million)
Terms: * On May 2, 2016, Inovio Pharmaceuticals, announced it has closed the transaction to acquire all of BioJect Medical Technologies' assets, including pioneering needle-free jet injection technology, devices, and intellectual property, which it first announced in a definitive agreement on March 14, 2016. Inovio acquired BioJect for $4.3 million in Inovio common stock and $1.2 million in cash. * On March 14, 2016, Inovio Pharmaceuticals announced it has signed a definitive agreement to acquire all of Bioject Medical Technologies’ assets including pioneering needle-free jet injection technology, devices, and intellectual property. Inovio will pay Bioject $5.5 million in cash and stock. Inovio will pay Bioject $4.5 million in Inovio stock (price set by 20 day weighted average share price immediately prior to closing) and $1.0 million in cash. The closing of this transaction is subject to approval by Bioject’s shareholders and is expected approximately 30 days from this announcement.
Details: Inovio will advance an integrated non-invasive delivery device combining Bioject’s jet injection technology with Inovio’s new needle-free, skin-surface electroporation technology. The company’s goal is to facilitate preventive immunization using its DNA vaccines against critical infectious diseases with unmet needs in large populations. Bioject’s needle-free devices, which use high pressure gas or springs to propel liquid medicine into skin, have demonstrated desirable utility, safety, and tolerability attributes in animals and humans. Under a prior research agreement, Inovio assessed this technology with its new electroporation delivery system and generated compelling antigen expression and immune responses in animals. Inovio has ongoing clinical programs for flu, HIV, Ebola, and MERS; proof-of-principle human data has shown significant immune responses generated by its universal influenza and HIV DNA vaccines; and preclinical-stage DNA vaccines target important diseases such as Zika, dengue, Chikungunya and RSV.
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