AVANT’s Celldex in 3M Pact (AVAN, MMM)
There was a collaboration pact that might have been an easy one to overlook. 3M Corp. (NYSE: MMM) has signed vaccine adjuvant licenses with a company called Celldex Therapeutics. As itturns out, Celldex is a wholly owned subsidiary of AVANT Immunotherapeutics, Inc. (NASDAQ: AVAN).
Celldex signed a multi-year clinical research collaboration with 3M to access their proprietary Immune Response Modifier Resiquimod and additional toll-like receptor agonists for clinical study with Celldex’s proprietary “Antigen Presenting Cell Targeting Technology” for use as vaccine adjuvants designed to treat various cancers and infectious diseases.
3M will provide its patented toll-like receptor (TLR) agonist compounds to Celldex for an undisclosed licensing fee, milestones and royalties.
Jon Ogg
June 11, 2008