Imugene - In-licensing deal for CF33 oncolytic virus
Imugene has agreed to acquire a worldwide exclusive licence for a highly potent, chimeric oncolytic poxvirus known as CF33. The company proposes to progress CF33 into a Phase I safety study in 2020, including a cohort treated with CF33 in combination with a checkpoint inhibitor. This strategy is similar to that pursued by Viralytics, which was acquired by Merck for A$502m in 2018 after conducting studies of its Cavatak oncolytic virus in combination with Merck’s checkpoint inhibitor, Keytruda. The CF33 acquisition strengthens Imugene’s immunooncology pipeline, which is currently focused on B-cell vaccines. As the CF33 deal is a related party transaction and therefore contingent on shareholder approval, we maintain our published valuation of A$159m or 4.4 cents per share.Imugene is an immuno-oncology focused biopharmaceutical company developing HER2 +ve gastric and breast cancer vaccines. Co.'s primary product is HER-Vaxx, a proprietary HER2 +ve cancer vaccine that stimulates a polyclonal antibody response to HER2/neu.
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