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Value Transfusion: Vitex Merges with Panacos Pharmaceuticals

This article was originally published in Start Up

Executive Summary

V.I. Technologies Inc. (Vitex), a developer of pathogen inactivation technologies for donor blood, has agreed to acquire privately-held Panacos Pharmaceuticals Inc. in a stock swap valued at approximately $26.25 million at current stock prices. Superficially, the deal appears to be fairly typical pipeline building: Vitex has a late-stage blood safety product, Inactine, in Phase III clinical trials, and Panacos Pharmaceuticals offers a Phase I anti-HIV compound, which is in line with VI Technologies' expertise in blood-borne infectious diseases. But the deal is really about value creation, as Vitex, along with all others in the pathogen inactivation market, has taken too long to get its product to the market.

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