On 26th February, 2008, Vaccinex Inc. announced its’ most recent business deal. The announcement made it clear that Vaccinex Inc. was about to receive a huge funding worth $25 million from four companies namely, Teva Pharmaceuticals Industries Limited,Pan Atlantic Bank& Trust , Biocon and Toronto Investment Group.
The business deal of Vaccinex Inc. was announced on 26th February 2008. The announcement revealed that, Vaccinex Inc. was going to receive an investment of $25 million, from four companies namely, Teva Pharmaceuticals Industries Limited, Toronto Investment Group, Pan Atlantic Bank& Trust and Biocon.
Details of the Deal
Through the investment deal, Vaccinex Inc. entered into collaboration with Teva Pharmaceutical Industries Limited.
The main reason behind this collaboration was the development and commercialization of VX15, a human antibody, discovered by Vaccinex Inc. itself.
According to the terms and conditions of the investment deal, Teva Pharmaceutical Industries Limited would make equity investment in Vaccinex Inc. and would also pay royalties on product sales and some undisclosed fees.
In return, Teva Pharmaceuticals would acquire the license for development and commercialization of VX15. The terms and conditions of the investment deal, made it clear, that Vaccinex Inc. would continue to carry out the pre-clinical development activities, but Teva Pharmaceutical Industries Limited would finance these activities.
In respect of this investment deal, Dr. Maurice Zauderer, CEO and President, Vaccinex Inc. opined that, the investment deal would help Vaccinex Inc. to transform itself to a product-based company from an antibody discovery company. He expressed hope that, the huge funding received through the investment deal, would help Vaccinex Inc. in enhancing its’ product development capabilities.
In this investment deal, Teva Pharmaceutical Industries Limited and Pan Atlantic Bank & Trust Limited acted as the lead investors. The other participants of the investment deal were Toronto Investment Group and Biocon.