Canada's Chromos Molecular Systems is merging with San Diego-based Targeted Molecules in a deal valued at $4 million. Chromos will issue 20.1 million shares to investors in Targeted Molecules for slightly less than half of the combined operation.
"We are excited about the acquisition of TMC and their lead monoclonal antibody product candidates, which address significant markets in chronic inflammation and acute thrombosis," said Alistair Duncan, who will lead the combined company as president and CEO. "Not only will the ACE System be used to manufacture these and other products, but revenues generated by our cell engineering business will support the clinical development of these antibodies. We anticipate entering the clinic with our first product candidate in late 2006."
- read this press release for more on the merger