Trubion Pharma acquired by Emergent BioSolutions |
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By BioMedReports.com Staff |
Thursday, 12 August 2010 18:42 |
Trubion Pharmaceuticals, Inc. (Nasdaq:TRBN) today announced the signing of a definitive merger agreement with Emergent BioSolutions Inc. (NYSE:EBS), in which Emergent has agreed to acquire Trubion. Under the terms of the agreement, each share of Trubion common stock will be converted into the right to receive an upfront payment of $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock. The upfront payment represents a value of $4.55 per share, or approximately $96.8 million. In addition, Trubion shareholders may recieve up to an additional $38.7 million, in the form of cash payments, based on achievement of certain milestones over a 36 month period, making the total deal worth as much as $135 million. Trubion is a biopharmaceutical company that is creating a pipeline of novel protein therapeutic product candidates to treat autoimmune and inflammatory diseases and cancer. Trubion has partnerships with companies such as Abbott Laboratories (NYSE: ABT) to develop treatments for cancers such as leukemia and lymphoma and with Pfizer Inc (NYSE: PFE) for autoimmune diseases such as rheumatoid arthritis and lupus. Shares of Trubion soared 49.33% or $1.48 to $4.48 in the after hours session. BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) today announced that it has received orphan drug designation from the Food and Drug Administration (FDA) for its protein therapeutic, recombinant human platelet derived growth factor (rhPDGF-BB), to be used in conjunction with autograft and/or commercially available osteochondral allograft for the treatment of osteochondritis dissecans (OCD) of the knee, elbow or ankle. OCD is a joint condition in which cartilage, along with a fragment of the bone beneath it (subchondral bone), becomes detached from the end of a bone due to a loss of blood supply. NewCardio, Inc., (OTC Bulletin Board:NWCI.ob) today announced financial results for the second quarter ended June 30, 2010. More details on the financial results are available in the Form 10-Q, filed with the Securities and Exchange Commission. "In the last 12 months, we have made tremendous progress in commercializing our initial solution, QTinno," commented Vincent Renz, NewCardio's President and CEO. "Additionally, we have solidified our infrastructure to better position the Company for success, including a management transition and an expanded line of credit. Specifically, we have signed Master Services Agreements (MSAs) with three of the five largest contract research organizations (CROs), and leading, forward-thinking drug developers are increasingly interested in incorporating QTinno in their study designs. In addition, we are increasingly excited about the long-term potential for our innovative platform technology. We believe we have the potential to add value to each and every one of the electrocardiographs (ECG) performed each year. We expect our CardioBip to become a powerful clinical diagnostic tool in the emerging mobile healthcare space enabling a cost effective means for remotely capturing and transmitting a 12 lead ECG. It will expand the breadth of cardiovascular disease that can be effectively monitored remotely. Our Cardio3KG solution has the potential to become the gold standard for timely and accurate diagnosis of acute coronary syndrome, ultimately saving lives, health care costs and litigation expenses. And these solutions are just the start. Our platform technology promises a wide range of solutions, each targeting substantial market opportunities with unrivaled, state-of-the-art technology." Novavax, Inc. (Nasdaq:NVAX) reported today that results from a pre-clinical toxicology study of its vaccine candidate to prevent respiratory syncytial virus (RSV), showed the vaccine to be safe and well-tolerated at all doses tested. Novavax's vaccine uses highly purified recombinant particles of RSV-F fusion (RSV-F) protein normally found in the virus. There is currently no approved vaccine to prevent RSV infection. PDL BioPharma, Inc. (PDL) (Nasdaq:PDLI) announced today that it has completed the retirement of $61.7 million in aggregate principal amount of the Company's outstanding 2.75% Convertible Subordinated Notes, due August 16, 2023 for consideration consisting of the issuance of 11.1 million shares of the Company's common stock. The transaction was structured as an exchange of the 2023 Notes for stock and reflected a price per share of approximately $5.55 per share. Following the exchange, $54.3 million in aggregate principal amount of the 2023 Notes remains outstanding. The Company reaffirms its previously announced dividend of $0.50 per share to be paid on October 1, 2010 to all stockholders of record on September 15, 2010. Pharmasset, Inc. (Nasdaq:VRUS) has received fast track designation from the U.S. Food and Drug Administration (FDA) for PSI-7977 for the treatment of chronic hepatitis C virus (HCV) infection. PSI-7977 is an oral uridine nucleotide analog polymerase inhibitor of HCV. Pharmasset recently completed dosing in a 28 day Phase 2a trial to evaluate PSI-7977 in combination with Pegasys (pegylated interferon) plus Copegus (ribavirin) in treatment-naive patients chronically infected with HCV genotype 1. Pharmasset expects to initiate a 12-week Phase 2b study of PSI-7977 in the fourth quarter of 2010. Simcere Pharmaceutical Group NYSE: SCR), a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, today announced that its subsidiary company Simcere Dongyuan Pharmaceutical Co., Ltd. has recently received SFDA new drug certification and registration approval to manufacture and market Palonosetron material and injections in China. Palonosetron is a second generation 5-HT3 antagonist used for the prevention and control of acute chemotherapy-induced nausea and vomiting (CINV). According to industry analysis, 5-HT3 antagonists account for 90 percent of the CINV market in China. Also Thursday: Advaxis, Inc., (OTCBB: ADXS), the live, attenuated Listeria monocytogenes (Listeria) immunotherapy company, has been invited to present at the 12th Annual 2010 Rodman & Renshaw Healthcare Conference held on the 12th through 15th of September 2010 at the New York Palace Hotel in New York City. 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