- Intrexon (XON) has agreed to acquire GenVec (GNVC) in an all-stock transaction that values GenVec at $7/share, a 54% premium to yesterday's close of $4.54. GenVec shareholders will receive 0.297 of a share of XON for each GNVC common share owned. GNVC shareholders will also be eligible to receive contingent consideration equal to 50% of any milestone or royalty payments received within 36 months of the close of the deal under GenVec's agreement with Novartis (NVS). The transaction should close next quarter.
- Intrexon intends to integrate and expand upon GenVec's expertise in adenoviral vectors and cGMP drug product manufacturing with the aim of enhancing its gene transfer capabilities that encompass multiple viral and non-viral platforms.