PowderMed's Vaccines: Out of Chiron, Into the Clinic

The spinout of PowderJect's DNA vaccine technology following that company's acquisition by Chiron in mid-2003 was no surprise—these powder-injection assets are far too early-stage in the context of Chiron's vaccines pipeline. But newly minted PowderMed is no ordinary start-up. Despite the high-risk nature of its technology, the firm begins life with £20 million from four blue chip VCs, Big Pharma endorsement provided by GSK, five projects expected to enter the clinic within two years, and management that has overseen development of these products for more than six years.

The £542 million ($959 million) that Chiron spent acquiring Powderject Pharmaceuticals in mid-2003 was a move by the US...