Annapolis-based drug developer PharmAthene Inc. announced its impending merger with Theraclone Sciences Inc. on Thursday. The price and other terms of the deal remained undisclosed.
The merger will join two insitutions that develop and research biological drugs for anthrax, influenza and other infectious diseases that governments struggle to eradicate. The projects planned for the combined company involved four drugs in clinical trials, including PharmAthene's anthrax vaccine SparVax and anthrax drug Valortim.
"A merger with Theraclone will significantly advance PharmAthene's goal of achieving broader portfolio diversification," stated Eric Richman, PharmAthene's Chief Executive Officer. "As a company with multiple clinical, pre-clinical and discovery candidates targeting important indications, the combined company will have the potential to generate substantial value for stockholders through both corporate collaborations and the development of its own proprietary therapeutic [monoclonal antibody] targeting high-value commercial markets."
Richman will be appointed as director of the newly combined company while Theraclone Chief Executive Officer Clifford J. Stocks will act as its CEO.
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