BioCentury
ARTICLE | Finance

Ebb & Flow

April 21, 2008 7:00 AM UTC

Less than a month after completing its acquisition of cancer and infectious disease company Celldex in a stock deal for about $75 million, Avant (NASDAQ:AVAN) has received cash covering more than half of the purchase price. Last week, Pfizer (NYSE:PFE) said it will pay the biotech $40 million up front and make a $10 million equity investment in exchange for an exclusive, worldwide license to Celldex's CDX-110 to treat glioblastoma multiforme (GBM).

The CDX-110 vaccine targeting epidermal growth factor receptor variant III (EGFRvIII) is in Phase II testing, with data expected this year. ...