MabVax Therapeutics and Telik close merger

USA-based MabVax Therapeutics, a privately held cancer immunotherapy company, and Telik (Nasdaq: TELK), a publicly-traded clinical stage oncology drug development company, have finalized their merger initially announced on May 12.

Effective July 8, MabVax merged with a wholly-owned subsidiary of Telik in an all-stock transaction and became a wholly-owned subsidiary of Telik. At Telik's stockholder meeting held on July 7, Telik shareholders approved the issue of the shares of common stock, preferred stock and warrants issued by Telik in the merger to the stockholders and warrant holders of MabVax.

Effective as of the closing of the transaction, David Hansen, formerly the president and chief executive of MabVax, became the president, CEO, and chairman of Telik. Michael Wick, who formerly served as president and CEO of Telik, remains on the board.