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EntreMed to acquire Miikana Therapeutics for $21.2 million
By Angela McDaniels
Seattle, Dec. 22 - EntreMed Inc. said it will acquire Miikana Therapeutics Inc. for 9.96 million shares of EntreMed common stock valued at $21.2 million, based on the Wednesday closing price of EntreMed's common stock.
EntreMed said it may make clinical and regulatory milestones payments worth up to an additional $18 million. Those payments will be made in cash or stock at EntreMed's option.
The purchase does not require regulatory approvals and is expected to close in January.
"The acquisition of Miikana is a logical step in EntreMed's growth and represents an important milestone in achieving our goal of building a sustainable oncology and inflammation franchise," EntreMed president and chief executive officer James S. Burns said in a company news release.
"We spent considerable time this year looking at opportunities to broaden our pipeline with product candidates that fit our expertise in cell cycle regulation, apoptosis and angiogenesis."
With the addition of Miikana's programs, EntreMed said its potential clinical milestones for 2006 include multiple phase 2 trials for Panzem NCD, multiple phase 2 trials for MKC-1 and phase 1 trials for ENMD-1198.
SG Cowen & Co. LLC acted as financial advisor and Arnold & Porter LLP acted as legal advisor to EntreMed. HSBC Securities (USA) Inc. acted as financial advisor and Cooley Godward LLP acted as legal advisor to Miikana.
EntreMed is a clinical-stage pharmaceutical company based in Rockville, Md., that develops therapeutic candidates for the treatment of cancer and inflammation.
Miikana is biopharmaceutical company based in Fremont, Calif., that develops medicines for the treatment of cancer.
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