Immune Design Corp. (IMDZ)

Immune Design Corp. was a clinical-stage immunotherapy company with operations in Seattle, Washington and South San Francisco, California. It built treatments designed to train the immune system to attack cancer, based on two platform technologies: ZVex, a viral vector meant to generate tumor-targeting T cells inside the body, and GLAAS, a toll-like receptor agonist intended to activate immune cells within tumors.

The company went public on the Nasdaq market in 2014 under the ticker IMDZ. Its lead candidate, CMB305, was tested in patients with synovial sarcoma and myxoid round cell liposarcoma, and its G100 product was studied in follicular lymphoma. The company also licensed its adjuvant technology to other drug makers for vaccine work.

In 2018 the stock dropped sharply after Immune Design reported results and made changes to its development plans, and the company wound down some programs to conserve cash. Its share price fell well below earlier levels, making it an attractive target for a large pharmaceutical buyer interested in its platforms.

In February 2019 Merck agreed to acquire Immune Design for $5.85 per share in cash, about $300 million in total. Merck's tender offer expired with roughly 87% of shares tendered on a fully diluted basis, and Merck completed the acquisition through a merger on April 2, 2019, making Immune Design a wholly owned subsidiary and ending its Nasdaq listing.