UK biopharmaceutical company Vaccitech has acquired John Hopkins spinout Avidea Technologies in a deal valued at $40 million.
Vaccitech developed the technology behind the AstraZeneca COVID-19 vaccine in partnership with Oxford University, and went public in the US earlier this year. The 60-person firm is looking to create a US footprint and improve its R&D capabilities by melding Avidea’s 14-person team into the company.
Avidea’s SNAPvax platform allows for the creation of better and stronger immunotherapies for cancer and infectious diseases by utilizing a part of the immune system called T-cells.
The clinical stage company is seeking to continue development of this platform. Joining a publicly-traded company with infrastructure in place will provide more resources as it seeks to advance to clinical trials to determine the safety and efficacy of the treatment.
“[Vaccitech] is the means for us to continue to advance the science,” Lynn, who is CEO of Avidea, told Technical.ly.
The deal was valued at $40 million, broken down into approximately $12.5 million in cash and $27.5…
