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Pharmaceuticals

CancerVax and Micromet merge

January 16, 2006 | APPEARED IN VOLUME 84, ISSUE 3

CancerVax has agreed to merge with German biopharmaceutical company Micromet. Shareholders of Micromet will own roughly 67.5% of the combined entity, which will be renamed Micromet Inc. CancerVax has struggled to recover after discontinuing development of its lead product, the cancer vaccine Canvaxin, last October. The merger will refuel CancerVax's pipeline by adding Micromet's human monoclonal antibody in Phase II trials to treat prostate and breast cancers and several early-phase antibody-based drugs.

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