Drugmaker Merck will acquire oncology company Immune Design for $300 million in cash.
Immune Design is a late-stage immunotherapy company. The immunotherapy technology works by using a body's immune system to fight diseases.
Its cancer vaccine works by harvesting cancer antigens from tumors and putting them into a vaccine to treat cancer patients. In addition, the company is working to develop vaccines for allergies and infectious diseases.
"Scientists at Immune Design have established a unique portfolio of approaches to cancer immunization and adjuvant systems designed to enhance the ability of a vaccine to protect against infection, which could meaningfully improve vaccine development," said Roger Perlmutter, MD, PhD, president of Merck Research Laboratories. "This acquisition builds upon Merck’s industry-leading programs that harness the power of the immune system to prevent and treat disease."
Under the terms of the acquisition, Merck will acquire all outstanding shares of Immune Design.
The transaction is expected to close in the second quarter of this year.