French biopharmaceutical firm Transgene said it supported the proposed acquisition plan of Jennerex Inc by SillaJen Inc. Transgene holds an 8.5% stake in Jennerex, a private clinical stage biotherapeutics firm that concentrates on developing and commercializing oncolytic treatments for solid tumors. SillJen is South Korean contract research and development firm located in the campus of Pusan National University.
In a statement, Transgene said that it would be entitled to get about 8.5% of the monies received for the all-cash transaction since it owns Jennerex shares on a fully diluted basis. The acquisition deal could reach a total of USD 150 million, including future milestone payments.
Transgene said the development and commercialization agreement between Transgene and Jennerex regarding the Pexa-Vec oncolytic virotherapy will remain but with SillaJen assuming the responsibilities of Jennerex.
Transgene Chairman and Chief Executive Officer said in a statement, "We are very pleased about the planned acquisition of Jennerex by SillaJen, a long-time shareholder of Jennerex. SillaJen has been very supportive of the Pexa-Vec program and Transgene's critical role as a development and commercialization partner and has expressed a strong commitment to funding Pexa-Vec's continued development. We look forward to working with the SillaJen team to advance the development of this important immunotherapy candidate in liver cancer and other cancers types."
Transgene also said that it is working closely with SillaJen and other partners to be able to finalize the clinical development plan for Pexa-Vec.
Information gathered from the Jennerex website revealed that Pexa-Vec is currently undergoing randomized Phase 2b clinical trial for hepatocellular carcinoma or HCC. It is also currently in Phase 2 clinical development for colorectal cancer or CRC and kidney cancer or RCC. So far, the therapy has been given safely to more than 230 patients in 11 clinical studies.
The exclusive rights for the development and commercialization of Pexa-Vec to treat solid tumors in Europe, the Commonwealth of Independent States and the Middle East are held by Transgene.
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