- Microlin Bio (OTC:MICB) and Marina Biotech (MRNA +6.6%) execute a term sheet under which Microlin intends to acquire Marina's nucleic acid therapeutics assets for 6.7M shares of Microlin stock and ~$1M in cash. Based on the recent price of $1.50 per share of MICB, the deal is valued at slightly more than $11M.
- The acquired assets include a Phase 1 program in familial adenomatous polyposis (FAP), an Orphan Drug- and Fast Track-tagged designation by the FDA, Marina's multiple licensing and partnership agreements and a global IP estate of 148 issued or allowed and 95 pending patents.
- The deal should close by July 1, pending the execution of the asset purchase agreement, approval of Marina stockholders and Microlin's completion of at least $5M in financing.
- FAP is an inherited disorder characterized by cancer of the large intestine and rectum.