PharmAthene announces merger with Theraclone Sciences
The combined company will be a completely integrated and diversified biologics company with four clinical-stage drug candidates that target high-value government and commercial markets. The merged company will use its combined vaccine and human monoclonal antibody expertise and feature a robust discovery pipeline.
"A merger with Theraclone will significantly advance PharmAthene's goal of achieving broader portfolio diversification," Eric Richman, the president and CEO of PharmAthene, said. "As a company with multiple clinical, pre-clinical and discovery candidates targeting important indications, the combined company will have the potential to generate substantial value for stockholders through both corporate collaborations and the development of its own proprietary therapeutic mAbs targeting high-value commercial markets."
The combined company's clinical stage product pipeline includes the TCN-202 CMV antibody developed for cytomegalovirus infections, TCN-032 influenza antibody, developed for the treatment of pandemic and seasonal influenza, SparVax anthrax vaccine, a next-generation anthrax vaccine, and Valortim anthrax anti-toxin, a monoclonal antibody meant to prevent and treat anthrax infection.
"The combined company also expects to be able to leverage non-dilutive government funding sources to support ongoing and future product development efforts, with the possibility to receive a share of revenues from sales of SIGA Technologies' smallpox antiviral, Arestvyr," Richman said. "As a stronger company, with expanded access to non-dilutive funding, we expect to be solidly financed through resolution of the SIGA litigation."
The proposed merger was unanimously approved by both boards of directors and is subject to regulatory and shareholder approval. The merger would merge a wholly-owned subsidiary of PharmAthene into Theraclone in an all-stock transaction.
"By combining PharmAthene's strong vaccine and biologics development capabilities and government contracting experience, with our clinical antibody candidates and novel discovery platform we are establishing a premier biologics organization with multiple product candidates possessing significant near- and longer-term revenue potential in high-value commercial markets," Clifford Stocks, the CEO of Theraclone who will also lead the new company, said.