BioSante Alters Terms Of Cell Genesys Deal
NEW YORK (AP) ¿ BioSante Pharmaceuticals Inc. said it is adjusting its exchange ratio with Cell Genesys Inc. as the companies prepare to complete their all-stock tie up.
BioSante agreed to acquire Cell Genesys in June in a deal then valued at $38 million. Late Tuesday, the company said Cell Genesys shareholders will get 0.1828 shares of BioSante for every Cell Genesys share held. It raised that rate from 0.1615 shares because Cell Genesys has $23.8 million on hand, or $1.7 million more than expected.
The two companies will hold meetings on Sept. 30 where shareholders will vote on the deal. Pending approval, they said the deal will close shortly after that. If the deal is completed, the company will retain the BioSante name, and current BioSante shareholders will own 62 percent of the combined company.
BioSante of Lincolnshire, Ill., said the combined company would focus primarily on LibiGel, a topical testosterone gel intended to treat sexual dysfunction in women. The company will also look to develop Cell Genesys' cancer treatment GVAX. That may include testing GVAX in combination with BioVant, a BioSante product designed to make vaccines more effective. It could also license Cell Genesys technologies to other companies.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV