San Jose-based Viropro said Oct. 23 that it’s acquiring San Diego-based NovaRx, a developer of immuno-oncology treatments, for an undisclosed all-stock price.
NovaRx’s pipeline is led by the lung cancer vaccine Lucanix, one of several allogeneic tumor cell vaccines developed by the company. While Lucanix aced a Phase 2 trial by showing a significant improvement in survival for patients with non-small cell lung cancer, a multisite, multinational Phase 3 trial failed to meet its primary endpoint.
In a statement announcing the deal, Viropro said it believes the failure was “attributable to protocol violations at a number of sites in Eastern Europe and elsewhere.”
Also in NovaRx’s pipeline are Glionix, a therapeutic vaccine for glioma poised to begin a Phase 2/3 trial; and a universal tumor cell vaccine designed to treat most cancer indications.
After the acquisition, Viropro will own all outstanding shares of NovaRx or its successor company. NovaRx shareholders will own 25 percent of Viropro's total outstanding shares as of the date of the closing.
The deal is expected to close by the end of 2015.