Celtic to acquire Xenova

Investment company Celtic Pharma proposed to acquire Xenova (LSE:XEN; XNVA) for L19.4-L26.1 million ($35.3-$47.5 million) in secured notes, cash or a combination of the two. Depending on the method of payment, the deal values XEN at 4.5p-6p per share. XEN closed Thursday at 3.8p. Broadview advised Celtic, and Lazard advised XEN. XEN's TransMID is in Phase III testing to treat glioblastoma multiforme (GBM), and its TA-CD vaccine is in Phase II testing to treat cocaine dependence. ...