Bay Area specialty vaccine company PaxVax just received $105 million from Cerberus Capital Management, in exchange for offloading majority economic interest to the New York-based private equity firm.
PaxVax manufactures vaccines for infectious disease, selling the inoculations in the U.S. and Europe. Its primary product is a typhoid vaccine called Vivotif.
This immense funding infusion from Cerberus, which specializes in distressed investing, is to eliminate PaxVax’s debt – and to expand sales of Vivotif. It’ll also launch Vaxchora, a cholera vaccine under Phase 3 clinical development at PaxVax. PaxVax also has vaccines for anthrax, HIV and hepatitis A in clinical trials.
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A notable addition to PaxVax’s board is James T. Lenehan, a senior advisor of Cerberus and former vice chairman and president of Johnson & Johnson.
Prior investors in PaxVax will retain a minority stake in the company, according to a release.
