The recent acquisition of San Diego’s MabVax has been a long time coming.
MabVax sold its cancer drug assets and its lab equipment to German company BioNTech, it was announced earlier this month.
The sale comes after MabVax in 2017 hired a financial advisor to “explore strategic alternatives” to maximize shareholder value, including the company being acquired.
Bankruptcy documents filed in March by MabVax show BioNTech put forth a $3.7 million offer, besting offers from two other firms.
The final purchase price wasn’t disclosed.
BioNTech gained MVT-5873, MabVax’s lead drug candidate targeting pancreatic cancer that’s currently in phase 1 clinical development. It also picked up preclinical assets through the sale.
After acquiring MabVax’s infrastructure and lab equipment, BioNTech said it would establish a research facility in San Diego. The company said the locale suits planned U.S. clinical trials.
It’s unclear when BioNTech entered the picture. In January, MabVax said it was in discussions to merge with Oncotelic, a privately cancer immunotherapy company.
MabVax was founded in 2006.