Transgene SA announced today the closing of the acquisition of Jennerex, Inc. by SillaJen.
March 18, 2014
Philippe Archinard, Chairman and Chief Executive Officer of Transgene, said: “We are very pleased that the acquisition of Jennerex, Inc. by SillaJen has successfully closed in the first quarter of 2014 as planned. Importantly, with our partner for Pexa-Vec now well funded, we will be able to effectively advance our shared ambitious development plan for this promising immunotherapy candidate, including a Phase 3 trial in liver cancer”.
Transgene owns approximately 8.5% of Jennerex, Inc. on a fully diluted basis. Under the terms of the acquisition agreement, Transgene will receive approximately $3.8 million in cash at closing. This will be booked in the first quarter of 2014. Transgene is also eligible to receive an additional $8.9 million in cash if all future clinical and regulatory milestones are achieved.
The development and commercialization agreement for Pexa-Vec oncolytic virotherapy between Transgene and Jennerex, Inc., now a wholly owned subsidiary of SillaJen, remains intact, and the partners are moving forward with the development plan for this program. As previously announced, the development plan is expected to include a global Phase 3 trial in first-line hepatocellular carcinoma (liver cancer), as well as exploratory and supportive Phase 2 studies in a variety of cancer types and with various other therapies, including immune checkpoint inhibitors.
Pexa-Vec (JX594/TG6006 pexastimogene devacirepvec) is an engineered oncolytic vaccinia virus armed with a GM-CSF gene that promotes an anti-tumor immune response. Pexa-Vec is designed to selectively target and destroy cancer cells through three different mechanisms of action: the lysis (breakdown) of cancer cells through viral replication, the reduction of the blood supply to tumors through vascular targeting and disruption, and the stimulation of the body’s immune response against cancer cells. Clinical trials are ongoing or planned in hepatocellular carcinoma (liver cancer), renal cell carcinoma (kidney cancer), colorectal cancer, as well as other tumor types.
See the press release here.