SciVac Therapeutics to Acquire VBI Vaccines in all-stock deal

Canada-based SciVac Therapeutics (VAC: TSX) has entered into an agreement and plan of merger to acquire US biotech firm VBI Vaccines (Nasdaq: VBIB) to form a commercial-stage company with a licensed hepatitis B vaccine and a pipeline of preventative and therapeutic vaccine candidates. VBI’s shares leapt 9.3% to $2.61 on the news.

Under the accord, valued at around $92 million, a newly-formed wholly-owned subsidiary of SciVac will merge with and into VBI, with VBI surviving the merger as a wholly-owned subsidiary of SciVac, and SciVac will change its name to VBI Vaccines Inc. At the effective time of the merger, each share of VBI common stock will be converted into the right to receive 20.808356 common shares of SciVac.

Terms of the merger