Last month, the vaccines business that once belonged to Rhône-Poulenc came to reside with PowderJect Pharmaceuticals (Oxford, UK) through a circuitous path. Rhône-Poulenc sold the vaccine business to a UK pharmaceuticals outfit called Evans Medical. Because Evans Medical's in-licensed drugs failed to sparkle in the market, the company changed its name to Medeva. As Medeva, it built a profitable if unexciting portfolio of products, and was subsequently acquired by Celltech at the beginning of this year. Celltech didn't really want the vaccines business and has now agreed to sell it to PowderJect for £55 million ($80 million)—money that will be raised through a share offering and a convertible loan note from Celltech.