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. ...