InVentiv Health Clinical, 202 Carnegie Center, Suite 202, Princeton 08540. 609-951-6800. Jeffrey McMullen, president and CEO. www.inventivhealthclinical.com.
InVentiv Health Inc., a major global contract research organization based in Carnegie Center, has cancelled a planned IPO following a major investment from private equity investors Advent International. Advent now owns the company together with Thomas H. Lee Partners as an equal equity owner, valuing the company at $3.8 billion.
The companies expect the transaction to be completed in the fourth quarter of 2016 subject to regulatory approval.
Inventiv is headquartered in Burlington, Massachusetts. The Carnegie Center location was formerly the CRO Pharmanet and was bought out by Inventiv in 2011.
Inventiv does work for all 20 of the largest global biopharmaceutical companies and has helped to develop or commercialize 80 percent of all new drugs approved by the FDA and 70 percent approved by the EMA over the last five years.
“We’re pleased to have two preeminent private equity firms – THL and Advent – backing our unique biopharma outsourcing model,” said Michael Bell, CEO of inVentiv Health. “It’s a $250 billion market with tremendous potential. With THL’s strategic support we have realized significant growth over the last several years. We’re looking forward to adding Advent’s investment, operational and healthcare sector expertise.”
Trenton-Mercer Airport, 1100 Terminal Circle Drive, Suite 301, West Trenton 08628. 609-882-1600. Melinda Montgomery AAE, assistant airport manager. www.iflyttn.com.
Trenton-Mercer Airport now has a second airline. Allegiant, a Las-Vegas based discount airline, will begin flying to Orlando/Sanford, Punta Gorda, and Tampa, Florida, out of the county-owned airport in November. Frontier Airlines has been offering flights out of Trenton-Mercer since 2012.
“We’re very excited to add several new routes and two new cities to the Allegiant route map today,” said Lukas Johnson, Allegiant vice president of network and pricing. “We know folks across the country will get into the traveling spirit with these ultra-low cost, nonstop options.”
The airline said it was offering introductory fares as low as $39. Allegiant is competing against Frontier on all three routes. In addition to the three Florida cities, Frontier offers service to nine other destinations.
Allegiant will use the 177-seat Airbus A320 for the new routes. The company has 80 aircraft around the country, most of them purchased secondhand from other carriers. Allegiant was recently reviewed by the FAA after its planes were involved in a number of newsmaking incidents including aborted takeoffs, diversions, and emergency landings. Since then the company announced it was purchasing 12 new Airbus A320s.
The review, completed July 21, found the airline had minor, non-systemic issues in need of correction, and gave it until September 30 to fix the problems. The FAA decided not to punish the airline.
Advaxis Inc. (ADXS), 305 College Road East, Princeton 08540. 609-452-9813. Daniel J. O’Connor, CEO. www.advaxis.com.
Advaxis, a College Road East-based immunotherapy biotech research company has entered into a deal with Amgen, a California-based company, to develop and commercialize Advaxis’ ADXS-NEO, an experimental cancer immunotherapy treatment.
The drug, which has not yet entered clinical trials, is a customized treatment designed to activate a patient’s immune system to respond against the unique mutations, or neoepitopes, contained in and identified from each individual patient’s tumor.
Under the terms of the agreement, Amgen receives exclusive worldwide rights to develop and commercialize ADXS-NEO. Amgen will make an upfront payment to Advaxis of $40 million and purchase $25 million of Advaxis common stock. Amgen will be fully responsible for funding clinical and commercial activities. Advaxis will lead the clinical development of ADXS-NEO through proof-of-concept, retain manufacturing responsibilities, and receive development, regulatory and sales milestone payments of up to $475 million and royalty payments based on worldwide sales.
“Amgen is a pioneer in the science of using living cells to develop biologic medicines, making them an incredibly strong partner to develop and commercialize Advaxis’ MINE,” said Daniel J. O’Connor, president and CEO at Advaxis. “With Amgen’s resources, worldwide reach and a culture that embraces science and innovation, we are positioned to accelerate the clinical development program for ADXS-NEO to improve the lives of those who suffer from cancer.”
The Advaxis’s technology uses live attenuated Listeria bacteria – an organism sometimes responsible for food poisoning, but engineered to be helpful instead of harmful. The bacteria are modified to produce and deliver antigens that turn the patient’s immune system against the tumor. ADXS-NEO is customized to each patient. After sequencing the DNA from the patient’s tumor, Advaxis manufactures bacteria that target that specific cancer.
Clinical trials for ADXS-NEO are expected to begin in 2017.
Advaxis stock jumped 28 percent on news of the deal, and was $15.75 as of press time.
The Princeton Packet/Broad Street Media, 300 Witherspoon Street, Box 350, Princeton 08542. 609-924-3244. www.centraljersey.com.
The company that owns the Princeton Packet has been bought by a Pennsauken-based company that publishes flyers, door hangers, and circulars. According to the Packet, Donnelly Distribution purchased Broad Street Media, which bought the Packet in April and owns more than a dozen community newspapers in the Princeton area, South Jersey, and the Philadelphia region.
“We look forward to working closely with Rich Donnelly to serve our readers and advertisers in central New Jersey,” said Packet publisher James Kilgore, who was quoted in the Packet. “I admire Rich for his business skills, his desire to grow the business, and the passion and dedication he brings to the newspaper business.”
Donnelly, who was a minority owner of Broad Street Media, told the paper he valued community newspaper and planned to support good journalism.
The Lawrenceville School, Route 206, Box 6008, Lawrenceville 08648. 609-896-0400. Stephen Murray, headmaster. www.lawrenceville.org.
Pete DeVine has joined Lawrenceville as chief officer of campus operations. This new position is a division of the current job of Lawrenceville’s CFO/COO Wes Brooks, who has announced he will retire next year.
“In response to both the announced departure of Wes Brooks in June of 2017 and the projected increase in campus projects and operations related to our emerging strategic plan, we have created a new position of chief officer for campus operations, which will be separated out from Wes’s position,” said headmaster Steve Murray. “Wes has served the school tirelessly and has had a major impact on the current look and feel of the campus, but he has been essentially covering two jobs for quite some time.”
DeVine previously worked at University School in Shaker Heights and Hunting Valley, Ohio. There he was in charge of all facilities operations as well as construction projects for the school of 875 students. In addition, he served simultaneously as director of information technology and academic computing.
Prior to working at University School, DeVine was a partner and senior project manager with project and construction services in Cleveland, Ohio, where he served as an owner’s representative and construction planning coordinator.