Reduced to a skeleton crew and a bleak outlook, South San Francisco-based VaxGen sold its experimental anthrax vaccine to its former chief rival, Emergent BioSolutions, for $2 million down and up to $8 million in milestones.
VaxGen began to founder in 2006 when the government revoked an $877 million contract for the VaxGen vaccine after the company failed to start a human trial on schedule. Now Emergent, which makes the only FDA-approved anthrax vaccine now available, says it plans to advance the experimental vaccine.
VaxGen, which once had more than 200 employees, has been reduced to a staff of about six after a planned merger with Raven biotechnologies fell through.
- here's VaxGen's releaseÂ on the deal
Struggling VaxGen sells anthrax vaccine to rival
VaxGen faces possible liquidation after merger flops
Shareholders stymie VaxGen, Raven merger
Momentum builds for VaxGen, Raven merger
VaxGen slashes staff--again