Celsion (CLSN) acquires privately-held biopharmaceutical firm EGEN for $14M in cash and stock. EGEN focuses on the development of nucleic acid-based therapeutics for cancer and other difficult-to-treat diseases.
Under the terms of the acquisition agreement, Celsion will make an upfront payment of $10.6M in CLSN common stock and $3.4M in cash. $2.1M in stock will be held back for 24 months for expense adjustments and indemnification claims.
Celsion will owe an additional $30.4M to EGEN based on the successful completion of certain development and licensing milestones.