Strategic Acquisition Creates Expanded Biodefense Pipeline
ANNAPOLIS, Md., April 2, 2008 /PRNewswire-FirstCall/ -- PharmAthene, Inc., (Amex: PIP) a biodefense company specializing in the development and commercialization of medical countermeasures against biological and chemical threats, announced today that it has completed its acquisition of Avecia's biodefense vaccines business previously announced on March 20, 2008.
David P. Wright, President and Chief Executive Officer, commented,
"PharmAthene's mission is to become a leading provider of biodefense
medical countermeasures that are needed by the U.S. government and its
allies. We have advanced this mission by pursuing an acquisitive growth
strategy focused on high priority, next generation biodefense products for
which the government has expressed a clear need and an intent to procure.
The acquisition of Avecia's biodefense vaccines addresses both of these
aspects and adds important near-term value creation milestones to our
calendar. With the addition of Avecia's vaccines, PharmAthene now has
established an extensive biodefense portfolio targeting U.S. government
PharmAthene's biodefense portfolio now includes:
-- A recombinant Protective Antigen (rPA) anthrax vaccine
-- A recombinant dual antigen Plague vaccine manufactured in E coli
-- A third generation rPA anthrax vaccine program
-- Valortim(TM), a fully human monoclonal antibody being co-developed with
Medarex for the prevention and treatment of anthrax infection
-- Protexia(R) a novel bioscavenger to prevent and treat organophosphate
nerve agent poisoning
Under the agreement, PharmAthene has acquired all of the assets related
|SOURCE PharmAthene, Inc.|
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