Corixa shareholders vote for GSK merger

US biotechnology group Corixa Corp, which is focused on the development of vaccine adjuvants and immunology-based products, says that its stockholders have agreed to the merger with UK drug giant GlaxoSmithKline, following opposition from one of its major shareholders, MPM BioEquitie, last month (Marketletter June 27).

Corixa stockholders will receive $4.40 in cash for each share of common stock, $517.65 in cash for each share of series A preferred stock and $172.01 for each share of series B preferred stock, the group said.

GSK gains all scientific and business programs, activities, assets and related rights of Corixa. Importantly, the UK firm will acquire a manufacturing facility in Hamilton, Montana, which makes monophosphoryl lipid A, a novel adjuvant in many of its vaccines.