PaxVax, Inc., a Redwood City, California-based specialty vaccine company, received a $105m investment.
An affiliate of Cerberus Capital Management, L.P., has acquired a majority economic interest in the company. As part of the transaction, Ignition Growth Capital and other existing investors will remain as minority shareholders.
Cerberus will support the company’s focus on the specialty vaccine market, its research and development strategy, and its social commitment to expanding access to vaccines in the developing world.
Led by CEO Nima Farzan, PaxVax is a fully integrated pharmaceutical company that specializes in the development, manufacture and commercialization of innovative vaccines against infectious diseases.
The company manufactures and markets Vivotif®, an FDA-approved typhoid vaccine which is currently licensed in 27 countries including the US and major European markets. It also has vaccines in clinical development for cholera (Vaxchora), anthrax, HIV and hepatitis A.
Upon closing of the transaction, PaxVax adds James T. Lenehan and Dean J. Mitchell to the board. Mr. Lenehan is a senior advisor to Cerberus and member of several boards of Cerberus-controlled companies; Mr. Mitchell currently serves as Executive Chairman of the Board of Covis Pharma Holdings S.a.r.l.
The company has research and development and Good Manufacturing Practice (GMP) facilities in San Diego, California, USA, and Bern, Switzerland.