RXi Pharma to acquire Apthera in stock deal; Sanofi snares Genzyme
Privately-held US biotech firm Apthera, which is developing a pipeline of peptide based immune-therapies, has entered into a definitive merger agreement to be acquired by RNAi-based therapeutic discovery and development firm RXi Pharmaceuticals (Nasdaq: RXII).
Under the terms of the deal, Apthera shareholders will initially receive approximately 4.8 million shares of RXi's common stock, estimated at around $7.2 million. Apthera's stockholders will also be entitled to contingent payments based on the achievement of certain development and commercial milestones relating to Apthera's HER2/neu breast cancer vaccine NeuVax product candidate.
Mark Schwartz, president and chief executive of Apthera, will join RXi as executive vice president and chief operating officer. Mark Ahn, currently a director of RXi, will be president and CEO.
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