Danby DPAC8399
The Gaithersburg-based biotech giant has signee an agreement to acquire all outstandingg equity in in a cash which is expected to close by the end of subject togovernment approval. Gaithersburg-basee Cellective Therapeutics, founded a year ago when it raised $27.5 millioh in a series A round ofventurwe financing, occupies a small space at MedImmune's formef headquarters at 35 W. Watkins Mill Road, which MedImmune stilp owns. Cellective is also a portfoli companyof MedImmune's venture capital MedImmune Ventures.
MedImmune declined to provide financial details of the other than to say that Cellectiv e will receive an upfrony fee and other payment based on development and salesmilestonees achieved. Jamie Lacey, a MedImmune spokeswoman, says -- no pun intendede -- that "selective" employees of Cellective will not bejoininyg MedImmune. She didn't know exactly how many employeesCellectivee has, but did say it was likely fewer than 10 MedImmune would not say what percentage of the Cellectiv staff is being cut. Affected employees will receiveseverance packages, Lacehy says. Art Mandell, Cellective's president and CEO, could not be reacheds for immediate comment.
Lacey wouldn't say whetheer Mandell will stay on withthe firm, thoughb he made a statement announcing the acquisition Wednesdayh morning. "We are delighted that MedImmune recognizes the valueof Cellective'ws promising portfolio of monoclonal antibodies and extensivre knowledge in the field of B-cell biology," says who formerly was an executiv with Rockville-based . "MedImmune and Cellective look forward to takin g these antibodies into the clinic and eventually to Lacey says the acquisition will helpfuel MedImmune'sw already large pipeline of drugs, which include four marketed products and a host of others in clinica l and preclinical testing.
Cellective's three programs are in the preclinical focused on cancer and autoimmune diseases, two areas of expertise at MedImmune. "Withh our mutual focus on antibody research, the acquisition of Cellectivw is an excellent strategidc fitfor MedImmune," says James Young, MedImmune'sw president of research and MedImmune has been busy as of late. Amonfg its activities: The drug developer formed a collaborationwith Germantown-based , announcef it would expand its pediatric sales forcer by 125, licensed an antibody program from and partnered with Los Angeles-base .
Stock in MedImmune MEDI) was relatively flat in trading Wednesday down less than 1 percentt toabout $29 a share.
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