Chiron spins off DNA technology

EMERYVILLE -- Biotechnology company Chiron Corp. said Monday it has spun off the DNA vaccine technology it acquired through its purchase of PowderJect Pharmaceuticals to a separate company, PowderMed Ltd.

PowderMed will be financed with an investment of $34.5 million from four venture capital companies. Chiron will retain a minority equity stake.

Emeryville-based Chiron bought U.K. vaccine maker PowderJect in July for about $900 million to gain Fluvirin, the No. 2 flu vaccine in the U.S. Earlier this month, Chiron said it would sell PowderJect's SBL Vaccines unit to its Sweden-based management team.

PowderMed will focus on developing DNA vaccines to treat hepatitis B, HIV and lung cancer. ...

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