Biotech giant AstraZeneca has completed its $1.1 billion acquisition of Icosavax, a Seattle-based spinout from the University of Washington’s Institute for Protein Design.
- Founded in 2017, Icosavax is developing vaccines that resemble naturally occurring viruses. Its lead product targets respiratory viruses. The company raised more than $150 million from private investors before going public in 2021.
- “This is an exciting opportunity to combine our expertise and capabilities and bring next-generation vaccines to people around the word,” Icosavax said in a post on X (Twitter) on Monday.
- The acquisition was first announced in December and valued Icosavax at about $838 million at the time.
- The deal was completed through a tender offer to purchase all outstanding shares of Icosavax for $15 per share in cash up front, plus additional contingent value rights. Icosavax shares will now be delisted from the Nasdaq Stock Market, and Icosavax will terminate its registration under the U.S. Securities Exchange Act.
- Icosavax will function as an AstraZeneca subsidiary with its operations in Seattle.
