Compugen, Baize deal

Compugen reacquired Baize's stakes in mAbs against undisclosed cancer targets discovered by Compugen and undisclosed compounds from Compugen's Pipeline Program. In exchange, Baize will receive 1.6 million Compugen shares and will be eligible for up to 5% of the cash consideration received by Compugen from third parties for the candidates covered under the deals until Dec. 31, 2015. The Compugen shares are valued at $13.8 million based on Compugen's close of $8.62 on Aug. 20, before the deal was announced. Compugen also cancelled a warrant issued to Baize in 2010 to purchase 500,000 shares at $7.50. Baize had received the stakes in exchange for $13 million in R&D funding to support the program, which consists of more than 30 mAbs and proteins for cancer and autoimmune indications. Baize committed $5 million in December 2010 and an additional $8 million in December 2011 (see BioCentury, Jan. 10. 2011 & Jan. 2, 2012). ...