BioCentury
ARTICLE | Company News

Biomira acquires cancer company ProlX

November 1, 2006 1:46 AM UTC

Cancer company Biomira (TSX:BRA; BIOM) acquired ProlX (Tucson, Ariz.) for $3 million in cash and 17.9 million shares of BRA stock, which is valued at C$23.8 million ($21.3 million) based on BRA's close of C$1.33 on Monday. ProlX shareholders will be eligible for up to $15 million in additional BRA stock upon achieving certain development and commercialization milestones, and could receive a share of revenues under a potential collaboration for an undisclosed ProlX product in a non-oncology indication. ProlX President and CEO Lynn Kirkpatrick will become BRA's CSO. ...