BioCentury
ARTICLE | Company News

GenVec, Intrexon deal

January 27, 2017 9:09 PM UTC

Intrexon will acquire GenVec in a stock deal. GenVec shareholders will receive 0.297 Intrexon shares per GenVec share, or $6.56 per GenVec share based on Intrexon's close of $22.09 on Jan. 23, before the deal was announced. The deal values GenVec at $14.9 million based on about 2.3 million shares outstanding on Dec. 1, 2016. The price is a 44% premium to GenVec's close of $4.54 on Jan. 23. GenVec shareholders are also eligible for 50% of milestone and royalty payments received within 36 months of closing under a deal between GenVec and Novartis AG (NYSE:NVS; SIX:NOVN, Basel, Switzerland). In 2010, GenVec granted Novartis exclusive, worldwide rights to GenVec's preclinical hearing loss and balance disorders program. The acquisition is expected to close next quarter, and GenVec will become a subsidiary of Intrexon (see BioCentury, Jan. 25, 2010)...

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