San Diego-based MabVax Therapeutics sold its cancer drug assets and its lab equipment to BioNTech, it was announced May 8.
Bankruptcy documents filed in March by MabVax show BioNTech put forth a $3.7 million offer, but the purchase price wasn’t disclosed.
The sale comes after MabVax in 2017 hired a financial advisor to “explore strategic alternatives” to maximize shareholder value, including the company being acquired.
German company BioNTech gained MVT-5873, MabVax’s lead drug candidate targeting pancreatic cancer that’s currently in phase 1 clinical development. It also picked up preclinical assets through the sale.
After acquiring MabVax’s infrastructure and lab equipment, BioNTech said it would establish a research facility in San Diego. The company said the locale suits planned U.S. clinical trials.
MabVax was founded in 2006.