FTC Clears Avant-Pfizer Deal for $40M

Gregory T. Huang5/21/08

The Federal Trade Commission has cleared a licensing deal between New York-based Pfizer and Avant Immunotherapeutics, a Needham, MA-based drug company. The deal, worth an initial $40 million plus $10 million in Avant stock, is for a brain cancer vaccine called CDX-110 from the Celldex Therapeutics unit of Avant. Pfizer will also pay Avant fees of some $390 million to develop the vaccine, which is in clinical testing.

Gregory T. Huang is Xconomy's National IT Editor and the Editor of Xconomy Boston. You can e-mail him at gthuang@xconomy.com, call him at 617-252-7323, or follow him on Twitter at @gthuang.