Korea's SillaJen to acquire Jennerex in up to $150 million deal

Privately-held South Korean firm SillaJen says it has executed a definitive merger agreement to acquire San Francisco, USA-based Jennerex, a clinical-stage biotechnology company globally recognized as the leader in the development of best-in-class targeted oncolytic immunotherapies for solid tumors.

To this end, SillaJen says it is actively collaborating with Jennerex and its global partners on transition planning, including finalizing a robust clinical development plan. It remains an immediate goal to advance Pexa-Vec into a Phase III pivotal trial for first-line treatment of patients with advanced HCC by fourth-quarter 2014.

Including potential future milestone payments, the total consideration for the all-cash transaction could reach around $150 million. The acquisition, subject to normal closing conditions and completion of financing by SillaJen, is expected to close in the first quarter of 2014. Following the acquisition, Jennerex will become a wholly-owned subsidiary of SillaJen, but will keep its name and remain headquartered in San Francisco.