VaxGen and Raven terminate merger deal

VaxGen, a biopharmaceutical company, and fellow USA-based Raven biotechnologies have mutually agreed to terminate their merger agreement in light of stronger than anticipated opposition by the former's stockholders.

In addition, VaxGen's board has withdrawn from stockholder consideration the proposed 2008 Equity Incentive Plan, which is unnecessary in the absence of the merger. It has recently become apparent to both companies that, despite initial indications to the contrary, the proposed merger and related equity plan proposals would be rejected by VaxGen stockholders.