Celldex Therapeutics received a milestone payment of $10 million from Paul Capital Healthcare, triggered by GlaxosmithKline’s launch of Rotarix® in the U.S.
Earlier this year Celldex merged with Avant Immunotherapeutics, and late last month Avant changed its name to Celldex. Avant licensed the Rotarix technology to GSK in 1997. The vaccine was originally developed at Cincinnati Children's Hospital Medical Center.
"In purchasing a portion of Celldex's Rotarix royalty stream, Paul Capital Healthcare has helped Celldex to monetize a previously under-appreciated asset," said John Leone, a partner at Paul Capital Healthcare. "The U.S. approval and launch of Rotarix validate our assessment of the product's value and Celldex's contribution to its development. "
Rotarix is an oral live-attenuated human rotavirus vaccine, developed for the prevention of rotavirus gastroenteritis by mimicking the protective effects of natural human rotavirus infection.