CuraGen becomes wholly owned subsidiary of Celldex Therapeutics

By Lisa Kerner

Charlotte, N.C., Oct. 2 - Celldex Therapeutics, Inc. completed its $93.5 million acquisition of CuraGen Corp. first announced in May following approval by CuraGen shareholders on Wednesday, according to a Celldex news release.

Each outstanding share of CuraGen common stock will convert into the right to receive 0.2739 shares of Celldex common stock.

According to Celldex, it will issue approximately 16,629,981 shares of its common stock in exchange for all outstanding shares of CuraGen common stock in connection with the merger of the biopharmaceutical companies.

The Celldex board of directors was expanded to include CuraGen president and chief executive officer Dr. Timothy Shannon.

"Celldex is focused on advancing our pipeline of targeted immunotherapeutics and we look forward to integrating CuraGen's assets to augment our Precision Targeted Immunotherapy Platform," Celldex president and CEO Anthony Marucci said in the release.

Celldex is located in Bloomsbury, N.J. CuraGen has its headquarters in Branford, Conn.

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