Corixa and Coulter merge
Forming new company based on immunotherapy
Research-based biotech Corixa Corp. (Seattle) and Coulter Pharmaceutical (San Francisco) have merged following stockholder votes at both companies. The new company, which combines Corixa's antigen discovery and immunotherapy expertise with Coulter's therapeutic antibodies and targeted oncologics platforms, will focus on treating and preventing autoimmune diseases, cancer and infectious diseases. The merged company will operate under the Corixa corporate name.
The combined Corixa and Coulter product portfolio includes two late stage products for which Biologic License Applications (BLAs) have been filed or are in preparation: Bexxar(TM) (tositumomab, iodine I 131 tositumomab) and Melacine, respectively. Corixa now has a combined product pipeline that includes 16 programs in clinical development and 22 preclinical programs, as well as 16 corporate partnerships. The BLA for Bexxar, a radioimmunotherapy comprised of a monoclonal antibody conjugated to a radioisotope, was received by the U.S. Food and Drug Administration (FDA) on September 15, 2000, and subsequently assigned six-month priority review status. On November 14, 2000, the FDA accepted the BLA for review. Also part of the combined pipeline of potential products are Melacine, Corixa's therapeutic cancer vaccine; MPL, Corixa's widely partnered vaccine adjuvant that is sold on a named-patient basis in Germany for the treatment of allergies; and PVAC, Corixa's clinical stage immunotherapy for psoriasis.
As part of the merger Coulter shareholders will receive 1.003 shares of Corixa common stock for each share of Coulter common stock currently outstanding. Based on share prices, the transaction was valued at approximately $570 million and will amount to a tax-free reorganization.
Corixa plans to integrate Corixa's existing Redwood City, California facility with Coulter's South San Francisco operations. The combined company now has approximately 525 employees, located in Seattle; Hamilton, Montana; and South San Francisco, California.
For more information, contact Jim DeNike of Corixa at 206-754-5716 or denike@corixa.com.
Edited by Angelo DePalma
Managing Editor, Pharmaceutical Online and Drug Discovery Online
adepalma@vertical.net