Corixa [CRXA] - cancer vaccines Message Board

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Biotech / Medical : Corixa [CRXA] - cancer vaccines

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To: DewDiligence_on_SI who wrote (208)	5/2/2005 2:11:35 PM
From: sjemmeri	Read Replies (1) of 222

As reported by marketwatch (I added the that would have made the story more complete): Corixa soars on Glaxo merger news May 02, 2005 11:48:00 (ET) BOSTON (MarketWatch) -- Corixa shares soared almost 40% on Monday on news that British pharmaceutical heavyweight GlaxoSmithKline was buying the biotechnology group for about $300 million. Corixa (CRXA, Trade) gained $1.22 to $4.31 by midday Monday. Late Friday, Glaxo (GSK, Trade) announced it was acquiring Corixa for $4.40 a share, in a cash-for-stock deal valued at $300 million. Glaxo already held an 8% stake in the Seattle-based company. Corixa and Glaxo have collaborated on a number of projects, including the recently-approved oncology drug Bexxar. Glaxo said that the deal meant that it would acquire the rights to Corixa's MPL(R), a key component in several of Glaxo's vaccines under development. Glaxo also noted that it was pleased to be able to acquire Corixa's Hamilton, Mont., manufacturing facility, which produces MPL(R). Shares of Glaxo were up marginally at $50.60. **or roughly 10 % more than the shares were trading at 60 days ago.

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