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To: Susan G who wrote (1931)	10/16/2000 12:03:07 PM
From: Charlie Langford	Read Replies (1) \| Respond to of 8046

Deal looks pretty good for CRXA, worth watching: Corixa to buy Coulter Pharmaceutical $900 million deal sets up cancer drug development firm By Stephanie O'Brien, CBS.MarketWatch.com Last Update: 11:46 AM ET Oct 16, 2000 NewsWatch Latest headlines NEW YORK (CBS.MW) -- Corixa Corp. said Monday that it agreed to buy Coulter Pharmaceutical in a deal valued at $900 million, creating a company that develops treatments for cancer and infectious diseases. Today on CBS MarketWatch U.S. stocks see mixed trading Chevron to buy Texaco in $35.7 billion deal Polaroid earnings fall short Greenspan takes lay of new stock-trading landscape Calandra: Full-disclosure era starts today More top stories... CBS MarketWatch Columns Updated: 10/16/2000 10:20:00 AM ET Under the terms of the agreement, Corixa (CRXA: news, msgs) will exchange 1.003 shares of stock for each Coulter (CLTR: news, msgs) share. The companies said the purchase price will be based on the fair value of assets acquired, liabilities assumed and purchased goodwill, valuing the deal at more than $900 million. The transaction will be accounted for as a purchase, the companies said in a statement. The companies said the deal combines Corixa's antigen discovery and immune system product development capability with Coulter's therapeutic antibody and oncology drug platforms. The companies said they plan to develop treatments for cancer, autoimmune and infectious diseases. The combined product pipeline will include Bexxar, Coulter's antibody treatment for cancer, Corixa's cancer vaccine Melacine, and PVAC, Corixa's treatment for psoriasis. The companies said they expect the transaction to be completed in December. Corixa shares dropped $8.31, or about 19 percent, $35.88 following news of the planned acquisition. Coulter stock rose $2.38 to $33.31 in recent trading. "For Corixa it means late-stage development capability, antibody technology and a sales force," said Tom Dietz, an analyst at Pacific Growth Equities. "For Coulter it means late-stage products, a mid-stage pipeline and a discovery engine," Dietz said. The companies said Steven Gillis will serve as chairman and chief executive of the combined company. Corixa chief executive Michael Bigham will join Corixa's board as vice chairman. -------------------------------------------------------------------------------- Stephanie O'Brien is a reporter for CBS.MarketWatch.com.