Oxxon Therapeutics acquired by oxford biomedica plc
the company was spun-out from the Nuffield Department of Clinical Medicine at the University of Oxford to exploit the patented heterologous primeboost technology for development of therapeutic vaccines. Oxxon was acqued by Oxford BioMedical in March 2007.
Key aspects of the acquistion were:
- Oxxon's lead cancer vaccine had completed a Phase ll trial in melanoma, the only solid tumour that could not be treated with Oxford BioMedica's TroVax;
- Oxxon's technology had broad product applications in cancer and infectious diseases and would create new licensing opportunities;
- The transaction value of £16 million was satisfied by the issue of Oxford BioMedica shares; and
- Assests acquired included net case of approximately £3 million.
The acquisiton of Oxxon provided Oxford Biomedica with a complementary cancer immunotherapy product candidate. The product, HI-8r MEL, had successfully completed a Phase ll trial for the treatment of advanced diseases, including hepatitis B and HIV. Oxxon had a strong intellectualproperty estate that broadened and complemented Oxford BioMedica's proprietary position in immunotherapy and gene-based medicines.