Seattle-based Icosavax, a spin-out from the University of Washington’s Institute for Protein Design, will be acquired by biotech giant AstraZeneca for up to $1.1 billion.
The pending acquisition, announced Tuesday, values Icosavax at about $838 million, a 43% premium to its closing price on Monday. Founded in 2017, Icosavax is developing vaccines that resemble naturally occurring viruses. Its lead product targets respiratory viruses.