ARTICLE | Company News

Asterand Inc., Pharmagene deal

September 26, 2005 7:00 AM UTC

PGN announced a 50-50 stock merger with Asterand and will discontinue its therapeutics operations. The combined company, to be called Asterand plc, will trade on the London Stock Exchange and will focus on PGN's drug discovery services and Asterand's tissue supply and tissue-based research services. PGN will issue 54.2 million shares to Asterand shareholders, which valued Asterand at £13 million ($23.4 million) based on PGN's Sept .16 close of 24p. Asterand shareholders are eligible for additional cash and stock payments. ...