CRXA does its part for M&A

If the generic advice of industry watchers to biotech is "merge thyself," Corixa Corp. is doing its bit. CRXA's deal to acquire Coulter Pharmaceutical Inc. is its fourth acquisition in the past two years. CRXA, which is focused on antigen discovery and immunotherapeutic product development, will beef up its infrastructure in clinical, regulatory, process development and sales, as well as add CLTR's Bexxar antibody product for non-Hodgkin's lymphoma, which is awaiting FDA approval.

CRXA (Seattle, Wash.) will acquire CLTR (South San Francisco, Calif.) for stock valued at $930.7 million using CRXA's closing price of $44.188 on Friday, Oct. 13, prior to last week's announcement. CRXA shareholders will own 55 percent of the combined company, which will have $175 million in cash...