Alteon acquiring HaptoGuard

ALT said it will acquire inflammation and cardiovascular company HaptoGuard (Fort Lee, N.J.) in a stock deal. ALT will issue $5.3 million of stock (about 22.5 million shares) to HaptoGuard shareholders. Also, HaptoGuard shareholders will receive an additional $3.5 million of ALT stock that is currently held by Genentech (DNA). All told, HaptoGuard shareholders will own 31% of the combined company.

DNA will be eligible for certain rights and payments related to the newco's two clinical compounds, including a right of first refusal to HaptoGuard's BXT-51-072, a small molecule glutathione peroxidase (GPx) mimic and free radical inhibitor that is in Phase II testing to prevent myocardial infarction (MI) in high-risk diabetic patients. DNA also will be eligible for milestones and royalties related to ALT's Alagebrium, an Advanced Glycosylation End-product (A.G.E.) crosslink breaker that is in Phase II testing for heart failure. ...