SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--MPM BioEquities Advisers (“MPM”), a VaxGen Inc. (Pink Sheets:VXGN) shareholder, in a letter to VaxGen’s CEO and its board of directors, has requested the company not to pursue its intended merger with Raven biotechnologies, inc. and instead refocus on the sale of VaxGen’s assets, which MPM believes will drive greater returns for shareholders. MPM will vote against the merger as it does not believe it is in the best interest of its shareholders, as evidenced by the stock’s 63% decline after the announcement of the merger proposal. MPM has recently added to its position in the open market and holds a substantial equity position in the company at this time.
