Roche to buy CuraGen subsidiary
Roche to buy CuraGen subsidiary
Roche to buy CuraGen subsidiary
Roche Holdings AG agreed to acquire CuraGen Corp.'s majority-owned subsidiary 454 Life Sciences for up to $154.9 million in cash, the drug makers said Thursday.
Roche will pay $140 million in cash to 454 Life Sciences shareholders and up to about $14.9 million in stock options.
454 Life Sciences and Roche entered a research and marketing collaboration in May 2005. Roche will operate out of the Branford facility, and CuraGen will continue to work on three cancer drug candidates with the hopes of bringing one to late-stage development by 2008.
CuraGen said it entered the deal to gain liquidity on its investment and bring its cancer treatments to market.
The companies expect the transaction to close in the second quarter.
Shares of CuraGen rose 16 cents, or 4.2 percent, to $4 in morning trading on the Nasdaq Stock Market.
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