VaxGen Acquires diaDexus for $28,000,000

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    343 Oyster Point Boulevard South San Francisco, CA 94080-1913
  • Company Description
    diaDexus was formed in 1997 as a joint venture by SmithKline Beecham and Incyte. SmithKline Beecham granted diaDexus an exclusive license to certain diagnostic intellectual property, and Incyte contributed free access to its databases.

    diaDexus is a privately held biotechnology company that is focused on the discovery, development and commercialization of novel, patent protected diagnostic products with high clinical value.

    diaDexus’ lead product, the PLAC® test, is a blood test that measures the concentration of lipoprotein-associated phospholipase A2 (Lp-PLA2), a novel risk factor for cardiovascular disease. The PLAC test is the only blood test cleared by the FDA as an aid in determining risk for coronary heart disease, and ischemic stroke associated with atherosclerosis. Numerous published or presented studies, involving more than 20,000 subjects, highlight Lp-PLA2 as an important risk factor for cardiovascular disease.

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  • M&A Terms
    If a definitive agreement to effect the merger is entered into and the merger is consummated, upon the closing of the transaction, based upon the current number of VaxGen common shares outstanding and the terms of the non-binding Summary of Terms, VaxGen will issue approximately 51.6 million shares of newly issued VaxGen common stock in exchange for all of diaDexus’ outstanding equity. The number of shares of VaxGen common stock issued at the closing of the merger would not be subject to adjustment based on VaxGen’s net cash, which is currently estimated to be approximately $28 million.

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