BioVaxys Technology Corp. Finalizes Asset Purchase Agreement to Acquire Immunotherapy Technology Portfolio from IMV Inc.
BioVaxys Technology Corp. has announced the finalization of an asset purchase agreement to acquire the immunotherapy technology portfolio from IMV Inc. This strategic move aims to enhance BioVaxys’ position in the field of cancer treatment and immunological therapies.
The transaction, dated February 11, 2024, includes an upfront cash payment of $750,000, as well as milestone payments, a share in future license revenues, and royalties on product sales. As part of the deal, BioVaxys will issue common stock valued at $250,000 to HIMV, LLC, the acquisition vehicle established by Horizon Technology Finance Corporation and other secured creditors of IMV. HIMV, LLC will also have the right to appoint an observer to BioVaxys’ Board of Directors.
BioVaxys, a clinical-stage biopharmaceutical company, will expand its cancer vaccine portfolio with the acquisition of maveropepimut-S (MVP-S), a DPX™-formulated cancer vaccine currently in phase II trials for various cancers. The DPX™ platform technology is known for its efficacy in stimulating a targeted anti-tumor immune response and has potential applications beyond cancer, such as mRNA vaccines and allergy desensitization.
The acquisition also includes over a hundred international filings related to the DPX™ platform, as well as trademarks and intellectual property. Existing license and supply agreements with companies like SpayVac for Wildlife Inc., Zoetis Inc., and Merck KGaA will also be transferred, positioning BioVaxys for growth in various health sectors.
Kenneth Kovan, President & COO of BioVaxys, highlighted the significance of the transaction, stating that it will establish the company as a leader in ovarian cancer treatment and expand its clinical pipeline to include other types of cancer. James Passin, CEO of BioVaxys, expressed confidence in the deal, affirming that the acquired antigen-packaging and presenting technology will position BioVaxys as a potential global leader in cancer immunotherapy, as well as open up growth opportunities in areas such as allergy desensitization and mRNA. The deal is expected to be finalized within ten days, further advancing BioVaxys’ mission to develop innovative immunotherapies for cancer, infectious diseases, and other immunological conditions.
Analyst comment
Positive news. The acquisition of IMV Inc.’s immunotherapy technology portfolio will bolster BioVaxys’ position in the cancer treatment and immunological therapies field. The acquisition includes a clinical-stage cancer vaccine, patents, trademarks, and international filings. This strategic move positions BioVaxys for potential growth in various health sectors. It is anticipated that BioVaxys will become a leading player in cancer immunotherapy and expand its clinical pipeline to include other types of cancer. The deal is expected to be finalized within ten days, advancing BioVaxys’ mission to develop groundbreaking immunotherapies.
