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Megabios/GeneMedicine

Executive Summary

Merged company will have four corporate partnerships: Eli Lilly, Glaxo Wellcome, Roche subsidiary Corange International, and DSM Biologics. Megabios is developing a cystic fibrosis treatment for Glaxo using the CFTR gene, and breast and ovarian cancer treatments for Lilly based on BRCA1. Megabios CEO Benjamin McGraw will head the combined venture. GeneMedicine, based in The Woodlands, Texas, is developing cancer treatments for Corange based on interleukin-2, IL-12, and interferon-alpha. DSM Biologics and Burlingame, Calif.-based Megabios have a manufacturing partnership to produce DNA plasmids and DNA-lipid complexes. Under the proposal, Megabios will issue 9.1 mil. shares of stock valued at a total of $38 mil. and exchange them for GeneMedicine shares at a ratio of 0.571
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PS033079

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