Novavax makes public offer to acquire Sweden's Isconova for $29.6 million

In what seems to be confirmation that adjuvants are fast becoming a serious element in vaccine development, USA-based Novavax (Nasdaq: NVAX) revealed that it has made a public tender offer to acquire Sweden-based Isconova (OMX: ISCO) directly from shareholders and intends to make a private offer for all outstanding stock options.

The total stock transaction is valued at around $29.6 million based on the June 3 closing stock price of Novavax' common stock. The offer has been recommended by Isconova's board of directors.

Isconova is a leading international company focused on the development of saponin-based, immune-modulating adjuvants that work with vaccine antigens to promote the immunogenic effect of the vaccine. Isconova has deep knowledge of vaccine systems, and the company develops vaccines together with partners in the human and veterinary markets. A number of vaccines are under development with Isconova's third generation nanoparticle adjuvant, Matrix-M(TM). Isconova's partners include Crucell/Johnson & Johnson, Pfizer, Merck & Co, The Jenner Institute, Virbac and Genocea. The first vaccine using Isconova's nanoparticle Matrix technology, Equilis Prequenza, was launched on the veterinary market in 2006.