Research Desk Line-up: BioMarin Pharma Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 1, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Aviragen Therapeutics, Inc, (NASDAQ: AVIR) (""Aviragen), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AVIR. The Company announced on October 30, 2017, that it has entered into a definitive merger agreement with Vaxart Inc., a privately-held, clinical-stage Company focused on developing oral recombinant vaccines. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Biotechnology industry. Pro-TD has currently selected BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) for due-diligence and potential coverage as the Company announced on October 26, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on BioMarin Pharma when we publish it.

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The merger will result in the creation of the combined Company, Vaxart Inc., which will work towards developing orally-delivered therapeutics and prophylactics to address a variety of viral infections.

Terms and Conditions of the Transaction

  • Post the completion of the merger, the combined Company will operate under the name Vaxart Inc. and its shares would continue trading on NASDAQ under the proposed ticker symbol VXRT.
  • For computing the exchange ratio for the agreement, a value of $60 million was assigned to Aviragen for its financial and clinical assets and $90 million to Vaxart for its assets.
  • As per the agreement, Vaxart's security holders would own around 60% of the combined Company while Aviragen's security holders would own approximately 40% of the combined Company after taking into account the number of shares of Aviragen's common stock issued in the merger, on a pro forma basis. However, this ratio is subject to several certain potential adjustments mentioned in the merger agreement.
  • Also, as per the agreement, Aviragen will cut its workforce by six to a total of 10 full-time employees. These ten employees would be on board to conclude the BTA074 Phase-2 clinical trial and also help in the transition of duties to the Vaxart management team.

Merger to Boost Development of Vaccines on Vaxart's Oral Delivery Platform

Vaxart has specifically developed its technology platform for the delivery of a wide variety of oral vaccines. It targets norovirus, human papilloma virus (HPV), respiratory syncytial virus, and influenza using a convenient and room temperature-stable tablet. This eliminates the need for any injection. So far, in all the clinical trials, Vaxart's vaccines have consistently generated broad systemic as well as local immune responses that would help in preventing infection. They have also generated robust T cell responses, which are important to attain a therapeutic benefit in chronic viral infection and cancer.

Wouter Latour, M.D., Chief Executive Officer (CEO) at Vaxart, expressed that he is thrilled with this development of Vaxart combining forces with Aviragen. He believes that this will lead to a deep pipeline of antiviral products and enable Vaxart to accelerate the development of promising vaccine candidates, based on its proprietary oral delivery platform. The merger would also help Vaxart build on the positive Phase-2 challenge study results, which it announced recently for its influenza oral tablet vaccine, and also the excellent results obtained in the safety and immunogenicity studies with its norovirus vaccine.

Besides, it would also provide Vaxart access to Aviragen's antiviral assets, such as their BTA074 Phase-2 program for the treatment of condyloma caused by HPV. The BTA074 Phase-2 program is on track to complete enrollment this quarter and report top-line safety and efficacy data by the second quarter of 2018.

Looking forward, the Company intends to take its norovirus vaccine into a Phase-2 challenge study. Presently, Norovirus is the leading cause of acute viral gastroenteritis in the United States, which causes frequent outbreaks across the population. Vaxart's Norovirus oral tablet vaccine is the ideal approach to address this unmet medical need.

Long-Term Value for Aviragen's Stockholders

Joseph M. Patti, Ph.D., President and CEO at Aviragen mentioned that the Company has conducted a comprehensive review of all strategic alternatives available to the Company. Post that, they finalized on the transaction with Vaxart, which is expected to complement Aviragen's focus on infectious diseases.

Patti believes that this deal would create near as well as long-term value for Aviragen's stockholders. He shared that Vaxart is already well funded to develop its Norovirus and HPV antiviral vaccine programs. And together with BTA074, the combined Company would create considerable value-creating data readouts.

Transaction Closing

  • As of now, the Board of Directors of both Companies have approved the transaction.
  • However, the transaction is subject to the approval of the stockholders of both Companies as well as other customary conditions. Post which, the merger is expected to close in the first quarter of 2018.
  • Wouter Latour, M.D., has been chosen to serve as the CEO of the new combined Company.

Last Close Stock Review

On Tuesday, October 31, 2017, the stock closed the trading session at $0.62, falling 8.81% from its previous closing price of $0.68. A total volume of 1.50 million shares have exchanged hands, which was higher than the 3-month average volume of 484.28 thousand shares. Aviragen Therapeutics' stock price surged 5.08% in the last three months and 12.75% in the past six months. At Tuesday's closing price, the stock's net capitalization stands at $23.97 million.

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