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Date: 2006-01-09
Biotech partner: CancerVax (USA) Micromet (Germany)
Type of agreement: * other
Disease area: oncology, autoimmune and inflammatory diseases
Nature of the agreement: CancerVax and Micromet have concluded a definitive merger agreement to create a transatlantic, NASDQ-listed company with a pipeline focused on oncology, autoimmune and inflammatory diseases. The transaction will allow Micromet to access US capital markets. Following the closing, the merged US headquarters will be in Carlsbad (CA) while the company's german headquarters will remain in Munich, Germany. Research and development activities will be consolidated in Munich. CancerVax will be renamed as Micromet.
Financial terms of the agreement: CancerVax will issue and Micromet stockholders will receive shares of CancerVax stock such taht Micromet stockholders will own approximately 67.5 % of the combined company, on a pro forma basis. and CancerVax stockholders will own approximately 32.5 %

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