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Celldex Therapeutics, Inc. Message Board

  • soros_sr soros_sr Dec 11, 2013 9:02 AM Flag

    A Brief (but interesting history of Celldex)

    - Celldex is a 2004 spinoff of Medarex
    - Medarex was acquired by Bristol Squib Myers for 2.4 Billion
    - With the acquisition, they acquired Ipilimumab (Yervoy) for melanoma (remember PD-1+Yervoy)
    - Celldex has been developing technologies and intellectual property all these 9 years
    - In 2007, Celldex acquired Avant Immune and entered capital markets when IPOs were impossible for bios
    - Celldex also acquired Avant's extensive cGMP manufacturing capacity (necessary for Phase-3 studies)
    - Avant also provided some interesting intellectual property from Avant
    - In 2009, Celldex acquired Curagen for a very good price, at a very difficult time for biotechs
    - With the acquisition of Curagen, Celldex acquired an excellent product and patent warchest (CDX-011)
    - Today, Celldex has a technology and pipeline immnunotherapeutics portfolio, that is the envy of any bitech or pharma comapny

    To me, The question is not if there is interest, but if Celldex should be interested in any partnership at all before market phase.

    Sentiment: Strong Buy

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    • well written article by Fools in Oct 3rd, 2012.
      CDX-301,CD-40L,CDX-011 are licensed from AMGN and SGEN. By now, phase 3 results for rindopepimut should be announced, but the delay, secondary offering, and the massive insiders selling could signal trouble water ahead.. CLDX don't own the IP for many of the drugs they're working on.. GL
      Collaboration chase
      One collaboration has already fizzled. Pfizer (NYSE: PFE ) initially signed up to license rindopepimut in 2008. Celldex banked $40 million upfront and could count on funding for continued development of the vaccine. However, Pfizer terminated the agreement in late 2010.

      Celldex does work with a few larger companies in ways that don't bring any money into the fold. The company licensed CDX-301 and CD-40L from Amgen (Nasdaq: AMGN ) in 2009. With its Curagen acquisition, Celldex also assumed a license agreement for antibody-drug conjugate technology used in CDX-011 from Seattle Genetics (Nasdaq: SGEN ) .

      Watching and waiting
      Investors probably should watch for these three story lines to unfold and wait before buying Celldex.
      An announcement on phase 3 results for rindopepimut is probably still several months away. Celldex's strategy on how to overcome challenges with the loss of Rotarix revenue likely won't be known until 2013.

      One catalyst that would warrant coming off the sidelines is if Celldex lines up a major partner. News on this front would address financial concerns plus indicate a higher probability of success for the company's pipeline. In the meantime, when it comes to Celldex, investors should play the quiet game.

    • CLOSE

      • 2 Replies to newguyhere
      • There is soooooo much to love about the business case for Celldex it's ridiculous. I have stated before and elsewhere that I agree with what you and others are saying about other companies being interested in Celldex's products in the pipeline or even the entire lot, but unique business case makes independent commercial biotech success far more likely. Any buyout would be at a significant premium to market cap not seen in recent history. That's not to say the enterprise value and deep immunotherapy pipeline does not justify such a deal, but it simply makes it unpalatable for any Board of Directors. The time to have moved on Celldex was back when we were buying in single digits and we were saying the same things back then at a time when any offer at today's market cap would have taken out Celldex in a heartbeat. But those days are long gone and time is ticking away and Celldex get's closer to commercial stage and independent success (and an even bigger, more unpalatable acquisition price).

        Sentiment: Strong Buy

      • Am I missing something?

        Sentiment: Strong Buy

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