Immuno-oncology is a busy market to take on by yourself due to the existing fierce competition. Targovax and Oncos Therapeutics have decided to merge to earn a spot in the field. Polaris, the combined business, contemplates a private placement of around €15M to fund the freshly baked company.
Finland and Norway never were this close as Oncos and Targovax decided to join forces to create a major player within immune-oncology. The new company will be financially backed by institutional investors with HealthCap as the largest shareholder. After the transaction, the shareholders of Oncos will own 50% of Targovax, valued at €26,7M (NOK 236 million).
Strength is in numbers as they say, and both northern companies have interesting assets to bring to the joint Polaris. Oncos, on its behalf, offers ONCOS-102, ready to start its Phase II clinical trial. The candidate is an engineered human serotype 5 adenovirus indicated in several cancer profiles such as soft tissue sarcoma, mesothelioma or ovarian cancer. Targovax’s most advanced drug, on the other side,