Latest News
Intrexon Closes Acquisition of Gene Delivery Specialist GenVec
Monday 19 June 2017

19 June 2017 - US-based biotechnology company Intrexon Corp. (NYSE: XON) has closed the acquisition of US-based AdenoVerse gene delivery technology developer GenVec, Inc. (NASDAQ: GNVC), the company said.

This deal was announced in January.

Intrexon said it plans to integrate and expand upon GenVec's expertise in adenoviral vectors and cGMP drug product manufacturing to enhance its broad gene transfer capabilities that encompass multiple viral and non-viral platforms.

Notably, the combined technologies have the potential to yield the next generation of adenoviral delivery through the creation of a scalable manufacturing platform utilising helper-dependent adenovirus with significantly higher payload capacity of >30kb, as compared to current viral delivery methods ranging from 4.5kb 9kb.

Through an AdV-based vector, Intrexon has already delivered the first clinically validated transcriptional gene switch utilising the RheoSwitch Therapeutic System to regulate the expression and concentration of a powerful cytokine, interleukin-12, to treat cancer.

Intrexon's gene control systems combined with the array of GenVec's AdV-based technology is projected to accelerate its ability to develop cutting-edge gene therapies that regulate in vivo expression of multiple therapeutic effectors.

Additionally, GenVec's selection of vector origins and serotypes as well as know-how in specifying cellular and tissue targets is expected to expedite the design and production of vectors that complement Intrexon's multigene programming and focus on safety with limited off-target effect.

Under the deal, upon the closing of the transaction GenVec stockholders received 0.297 of a share of Intrexon common stock in exchange for each share of GenVec common stock.

This exchange ratio represents USD 7.00 per share of GenVec's common stock based on Intrexon's five-day volume weighted average price as of 23 January 2017.

GenVec stockholders will also receive a right to contingent consideration equal to 50% of any milestone or royalty payments received within 36 months after the closing of the transaction under GenVec's Research Collaboration and License Agreement with Novartis.

Consummation of the acquisition is subject to customary closing conditions, including GenVec stockholder approval, and is expected to occur in 2Q17.

Roth Capital Partners provided advisory services to the board of directors of GenVec in connection with the transaction, and Hogan Lovells is serving as legal counsel to GenVec. Thompson Hine is serving as legal counsel to Intrexon.
Date Published: 19/06/2017
Target: GenVec, Inc
Country: USA
Deal Size: 15m (USD)
Sector: Biotechnology
Type: Corporate acquisition
Financing: Stock
Status: Closed
Buyer: Intrexon Corp
Buyer Advisor: Thompson Hine