Houston Biotechnology, Medarex deal

The companies signed a letter of intent under which MEDX would acquire HBI in a stock transaction valued at $8.6 million. The acquisition will provide MEDX with an ophthalmic program. HBI's lead product, 4197X-RA Immunotoxin, is in Phase II trials to prevent secondary cataract. HBI also is developing monoclonal antibodies to treat glaucoma. MEDX is developing antibody-based drugs for cancer, AIDS and autoimmune diseases. ...