* Expects to close the deal in early July 2010
* MDRNA CEO to head combined entity
April 1 MDRNA Inc MRNA.O said it agreed to
buy privately held Cequent Pharmaceuticals for about $46
million in stock to expand its oncology pipeline.
MDRNA develops drugs based on RNA interference, or RNAi,
which is designed to silence genes responsible for producing
disease-causing proteins and is one of the hottest areas of
The companies expect to close the merger in early July
2010, they said in a statement.
MDRNA Chief Executive Michael French will serve as the
president and CEO of the combined entity.
Cequent will have certain cash amounts on hand at the close
of the acquisition which will fund the combined operations into
December 2010, the companies said.
Shares of the company closed at $1.10 Wednesday on Nasdaq.
(Reporting by Anand Basu in Bangalore; Editing by Unnikrishnan