AstraZeneca will pay up to $1.1B to acquire Icosavax, a Univ. of Washington biotech spinout

AstraZeneca announced that it will pay up to $1.1 billion to acquire Seattle-based biotechnology company Icosavax. Spun out of the Institute for Protein Design at University of Washington, Icosavax specializes in the development of vaccines that mimic viruses found in nature.

The purchase, which is still pending, assigned a $838 million value to the spinout company, and Icosavax’s shares increased more than 40% following the announcement.

“We are pleased to announce the proposed acquisition of Icosavax by AstraZeneca as we believe it offers the opportunity to accelerate, and expand access to, our potential first-in-class combination vaccine for older adults at risk from RSV and hMPV,” said Adam Simpson, CEO and co-founder of Icosavax. “We look forward to combining our skills and expertise…”

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