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In Brief: Baxter/Vimrx

This article was originally published in The Gray Sheet

Executive Summary

Baxter/Vimrx: Firms ink definitive agreement whereby Vimrx Pharmaceuticals and Baxter's Immunotherapy Division will merge to create a new cell therapy company to market cell selection systems, such as Baxter's Isolex 300SA -- a premarket approval application for which currently is pending at FDA -- and Baxter's Isolex 300i. Both systems are marketed in Europe. As outlined in the firms' June 12 letter of intent ("The Gray Sheet" June 16, I&W-7), Vimrx will control 85% of the new entity in exchange for convertible preferred shares with a nominal value of $40 mil. and 11 mil. Vimrx common shares. Baxter will contribute $30 mil. to the company for initial operating funds, a figure $10 mil. larger than the amount Baxter had reported in June. As previously announced, Vimrx will provide $10 mil. in initial funding for the company...

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