Xconomy Boston

Celldex to Buy CuraGen for $94.5M

Ryan McBride5/29/09

Celldex Therapeutics (NASDAQ:CLDX), a Needham, MA-based developer of drugs that harness the power of the immune system to treat diseases, says that it has struck a deal to acquire CuraGen (NASDAQ:CRGN), of Branford, CT, in an all-stock transaction that values CuraGen at $94.5 million. Celldex expects to gain 11 cancer antibody drugs from CuraGen as well as at least $54.5 million in cash that CuraGen is due to have in the bank at the closing, which is slated for the third quarter of 2009.

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