Aphton Corporation (APHT) To Acquire Igeneon Extending Its Leadership Position In Cancer Immunotherapy; Acquisition Represents Pivotal Step To Establishing A Broad Oncology Franchise
10/19/2005 5:12:28 PM
PHILADELPHIA & VIENNA, Austria--(BUSINESS WIRE)--Dec. 15, 2004--Aphton Corporation (Nasdaq:APHT) announced today that it has entered into a definitive agreement to acquire Igeneon, a privately held biopharmaceutical company based in Vienna, Austria that is focused on the development of immunotherapy-based therapeutics for the treatment of cancer. Pursuant to the agreement, Igeneon stockholders will receive 21.5 million shares of Aphton common stock in exchange for 100% of the equity of Igeneon. Based on the closing price of Aphton's common stock on December 14, 2004, the value of the deal would be approximately $81 million. The transaction has been independently reviewed and approved by the boards of both companies and is contingent upon approval by a majority of voting Aphton stockholders.
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