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AstraZeneca PLC confirmed on Tuesday that it will buy Icosavax Inc, boosting its vaccine portfolio with an ‘innovative’ treatment for respiratory viruses. Cambridge, England-based pharmaceutical company AstraZeneca said the deal was valued up to $1.1 billion for Icosavax, a US-based biopharmaceutical company focused on the development of vaccines against respiratory viruses. According to AstraZeneca, Icosavax’s lead investigational vaccine candidate, IVX-A12, is a ‘potential first-in-class’ for targeting both respiratory syncytial virus and human metapneumovirus. The acquisition involves an initial tender offer for Icosavax shares at $15.00 each, as well as a non-tradable contingent value right for up to $5.00 per share, payable following certain regulatory and sales milestones. Combined with an upfront cash consideration of approximately $800 million, the deal holds a transaction value of up to $1.1 billion. AstraZeneca will also acquire the cash and marketable securities on Icosavax’s balance sheet, which totalled $229 million as of September 30. Given the current lack of treatments or preventative therapies for both, AstraZeneca’s Executive Vice President of vaccine and immune therapies Iskra Reic said the technology ‘has the potential to transform prevention against severe infectious diseases’. According to Reic, the purchase ‘aligns with our strategy to deliver a portfolio of therapies to address high unmet needs in infectious diseases, and our ambition to protect the most vulnerable patients who have high risk of severe outcomes’. AstraZeneca’s share price was up 1.1% at 10,206.00 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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