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Novelos buys Cellectar
20 May 2011
Executive Summary
Struggling oncology therapeutics company Novelos Therapeutics Inc. has purchased privately held Cellectar Inc. (cancer-targeted drugs) in an all-stock transaction. Novelos issued 85% of its outstanding stock (post-acquisition) to Cellectar shareholders, or about 17mm shares after giving effect to a 1 for 153 reverse stock split conducted by Novelos with the closing of the merger. Based on the adjusted ten-day market average prior to the transaction (and considering the stock split), the deal is valued at $44mm.
Deal Industry
- Biotechnology
- Pharmaceuticals
-
Pharmaceuticals
- Radiopharmaceuticals, Contrast Agents
Deal Status
- Final
Deal Type
-
Acquisition
- Acquisition of Private Biotech
- Full Acquisition
- Includes Contract
- Intra-Biotech Deal
- Payment Includes Stock
- Reverse Acquisition
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Novelos buys Cellectar
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