Icosavax to be Acquired by AstraZeneca in Deal Valued at $1.1 Billion
Icosavax, Inc. (Nasdaq: ICVX) will be acquired by AstraZeneca in a deal with a total equity value of up to $1.1 billion. Today, Icosavax also reported positive topline interim results from its Phase 2 study of IVX-A12, a combination virus like particle (VLP) vaccine candidate targeting both respiratory syncytial virus (RSV) and human metapneumovirus (hMPV). The company’s share price rose almost 50% in trading on Tuesday following the news.
Adam Simpson, Chief Executive Officer, Icosavax, said, “We are pleased to announce the proposed acquisition of Icosavax by AstraZeneca as we believe it offers the opportunity to accelerate, and expand access to, our potential first-in-class combination vaccine for older adults at risk from RSV and hMPV. We look forward to combining our skills and expertise in advancing the development of IVX-A12, with AstraZeneca’s decades of experience in RSV, resources, and capabilities in late-stage development.”
The acquisition is expected to close in the first quarter of 2024.
Highlights
Under terms of the agreement, AstraZeneca will acquire all of Icosavax’s outstanding shares at a price of $15.00 per share in cash at closing, plus a non-tradable contingent value right (CVR) to receive up to $5.00 in cash, payable upon achievement of specified regulatory and net sales milestones. The deal represents a total equity value of up to $1.1 billion including the CVR.
Iskra Reic, Executive Vice President, Vaccines & Immune Therapies, AstraZeneca, said: “This virus-like particle vaccine technology has the potential to transform prevention against severe infectious diseases, including RSV and hMPV. With the addition of Icosavax’s Phase III-ready lead asset to our late-stage pipeline, we will have a differentiated, advanced investigational vaccine, and a platform for further development of combination vaccines against respiratory viruses. This aligns with our strategy to deliver a portfolio of therapies to address high unmet needs in infectious diseases, and our ambition to protect the most vulnerable patients who have high risk of severe outcomes.”
About Icosavax
Icosavax is a biopharmaceutical company leveraging its innovative VLP platform technology to develop vaccines against infectious diseases, with an initial focus on life-threatening respiratory diseases and a vision for combination and pan-respiratory vaccines. Icosavax’s VLP platform incorporates antigen design capabilities and technology to enable multivalent, particle-based display of complex viral antigens, which it believes will induce broad, robust, and durable protection against the specific viruses targeted. Icosavax’s lead program is a combination vaccine candidate targeting respiratory syncytial virus (RSV) and human metapneumovirus (hMPV). Its pipeline includes additional candidates that provide optionality as potential components of future combination and pan-respiratory vaccines, including influenza and SARS-CoV-2. Icosavax was formed in 2017 to advance the breakthrough VLP technology from the Institute for Protein Design at the University of Washington with the goal to discover, develop, and commercialize vaccines against infectious diseases. Icosavax is located in Seattle.
