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Celldex to Buy CuraGen for $94.5M

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.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.

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