- Intercell AG ('Intercell') to acquire Iomai Corporation ('Iomai') in a fully recommended share/cash transaction for USD 6.60 per share of Iomai's
common stock representing a fully diluted equity value of Iomai of
approximately USD 189 million (EUR 122 million). Acquisition to be accomplished through stock-for-stock exchange for approximately 41 percent
of Iomai's current shares outstanding held by major shareholders for approximately 1.7 million Intercell shares (representing approximately four percent of Intercell's total outstanding shares), and an all-cash merger for the remaining fully diluted outstanding shares of Iomai's common stock
for approximately USD 119 million (EUR 77 million). - The deal creates a leading Traveler's Vaccine portfolio by combining
Intercell's Japanese Encephalitis vaccine with Iomai's needle-free Travelers' Diarrhea vaccine. The Travelers' Diarrhea vaccine is planned to enter pivotal Phase III trials in the first half of 2009 and is based on the only advanced needle-free vaccine patch technology in the industry.
Through the transaction Intercell gains access to a further product
generating technology platform. - Valuable expansion of Intercell's pipeline and leveraging Intercell's late stage product development and industrialization expertise with two further programs in clinical development including a vaccine patch for
pandemic influenza in Phase II.
- Intercell will finance the cash component of the transaction consideration of approximately USD 119 million (EUR 77 million) comfortably from existing reserves and expects to maintain profitability in 2008.
|SOURCE Iomai Corporation|
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