Valentis to Merge With PolyMASC Pharmaceuticals plc
Creating the First Company Offering Broad Technologies
in Biologics Delivery
biz.yahoo.com
Under the terms of the agreement, which was approved by the boards of both companies, each outstanding share of PolyMASC common stock will be exchanged, at a fixed exchange ratio
of 0.209, for newly issued shares of common stock of Valentis. This will result in the issuance of approximately 4.4 million additional Valentis shares, valued at about $19.8 million based on
Valentis' closing price of $4.50 on Monday, May 24, 1999.
In the short term this seems to have had no effect on
the stock, but it sure cant hurt long term:
Following the merger, PolyMASC will become a wholly owned subsidiary of Valentis and will operate in its current location in London. The focus of its operations will continue to be
research and preclinical development of PEGylation technologies and products. Valentis' Burlingame, California site will remain the Company's corporate headquarters and will focus on
clinical development of products coming from the PolyMASC center and The Woodlands, Texas center. A group will be established at Burlingame to develop the field of PEGylated
viruses for gene delivery using the PolyMASC technology. The focus of operations at Valentis' The Woodlands center will continue to be research and preclinical development of gene
medicines. |
