UPDATE 1-Celldex to buy CuraGen in $94.5 mln stock deal
* Celldex to buy CuraGen for $94.5 mln in stock
* Deal expected to close in Q3
* Deal to add to Celldex's immunotherapy platform
May 29 (Reuters) - Celldex Therapeutics Inc (CLDX.O) said it agreed to acquire CuraGen Corp CRGN.O for $94.5 million in stock.
With the acquisition, Celldex will add 11 oncology-focused antibodies to its precision targeted immunotherapy platform. [ID:nWNAB4554]
CuraGen is expected to have a cash balance of at least $54.5 million at the close of deal, which is expected to occur in the third quarter.
Celldex will assume $14.1 million of CuraGen's 4 percent convertible debt due in February 2011 at the close of the deal.
CuraGen shares were up 7 percent at $1.34 in pre-market trade, after closing at $1.25 Thursday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Anil D'Silva)
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