Celldex, CuraGen deal

Celldex will acquire fellow cancer company CuraGen in a stock deal that Celldex said values CuraGen at $94.5 million. Based on CuraGen's 57.2 million shares outstanding at May 8, the deal values CuraGen at $1.65 per share, a 32% premium to CuraGen's close of $1.25 on May 28, a day before the deal was announced. CuraGen shareholders also could end up with a controlling interest in Celldex; they are eligible to receive between 32.5% and 58% of Celldex stock.

Celldex said the acquisition expands its Precision Targeted Immunotherapy Platform by adding CuraGen's 11 cancer antibodies, including lead CR011-vcMMAE, which is in Phase II testing to treat melanoma and breast cancer. The product is a human mAb against glycoprotein NMB (GPNMB) linked to monomethyl auristatin E (MMAE). Celldex's lead candidate is CDX-110, which is in Phase II testing to treat glioblastoma multiforme (GBM). The vaccine targeting epidermal growth factor receptor variant III ( EGFRvIII) is partnered with Pfizer Inc. (NYSE:PFE, New York, N.Y.). ...