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Intercell in €25m finance deal with BB Biotech
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Intercell in €25m finance deal with BB Biotech

09.05.2012 - Austrian biotech company Intercell AG has signed a €25m financing deal with Swiss investor BB BiotechAG.

Vienna  – The vaccine maker also said it is in talks with other investors   concerning a private stock placement that could total €15m. The  investment, through a fully owned subsidiary of BB Biotech AG, consists of a €20m secured loan and a commitment to invest €5m as part  of a proposed private share placement. Intercell’s CEO, Thomas Lingelbach, stated: “Following the successful strategic resetting in  2011, this financing marks an important step in the renewal of  Intercell as a notable biotech vaccine company. With growing sales  from our first product on the market, a diversified pipeline and  technology base and a disciplined financial strategy, we are now very  well positioned for the next development phase of our company.”

Intercell is trying to get back on track after several product setbacks sparked worries about its pipeline prospects. After a setback  in the development of a traveller’s diarrhoea vaccine last year, the  new focus of the company is on vaccines preventing nosocomial  infections. The secured six-year loan carries a variable interest  rate. Intercell will pay BB Biotech royalties on sales revenues from  its product Ixiaro, a vaccine for Japanese encephalitis. The €5m  equity investment will see BB Biotech subscribe for nearly 2 million  Intercell shares for about 2.55 € per share as part of the private  placement. According to Intercell,  existing shareholders will not get  subscription rights for the placement

http://www.european-biotechnology-news.com/news/news/2012-02/intercell-in-eur25m-finance-deal-with-bb-biotech.html

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