Avant to merge with Celldex; expect increased biotech pipeline

NEEDHAM, Mass. and PHILLIPSBURG, N.J. Avant Immunotherapeutics has agreed to an all-stock merger with Celldex Therapeutics, to create a broader biotech drug pipeline.

The two companies will keep their headquarters; Celldex in New Jersey and Avant in Massachusetts. Also, both companies expect few, if any, jobs will be lost.

Celldex stockholders will own 58 percent of the new company, with Avant stockholders owning the remaining 42 percent. The new company will have three compounds in mid or late stage clinical trials and six more in early stage trials after the merger.

The new company will add to Avant’s vaccine pipeline, which is focused on infectious diseases, and into new treatments for brain, colorectal, pancreatic, bladder and breast cancer.