MedImmune completes acquisition of Aviron
Tuesday January 15, 7:59 pm Eastern Time
GAITHERSBURG, Md., Jan 15 (Reuters) - Biotechnology company MedImmune Inc. (NasdaqNM:MEDI - news) announced on Tuesday it has completed the acquisition of vaccine maker Aviron (NasdaqNM:AVIR - news) for about $1.3 billion in stock.
MedImmune, based in Gaithersburg, Maryland, said it acquired over 90 percent of Aviron shares in an exchange offer which closed Jan. 9. In the merger, each remaining Aviron share was converted into the right to receive 1.075 MedImmune shares, the same exchange ratio as in the offer.
MediImmune said Aviron, headquartered in Mountain View, California, is now a wholly-owned subsidiary. Aviron is the developer of FluMist, an experimental nasal spray where a flu vaccine is delivered through a nasal mist to treat influenza.
MedImmune's shares rose 34 cents to close at $46.39 on Nasdaq, while Aviron's gained 27 cents to close at $49.82.
The companies have said they hope FluMist will be on the market by September 2002, in time for the next flu season.
MedImmune wants FluMist to complement its main product, Synagis, the first artificial antibody successfully developed to combat infectious diseases. The drug helps prevent respiratory tract diseases in children. |
