Originally published at www.seclive.com
PharmAthene, Inc. (PIP) has terminated its merger agreement with Theraclone Sciences, Inc., after reaching an agreement with Theraclone. Had the merger been executed, a wholly-owned subsidiary of PharmAthene would have merged with Theraclone in an all-stock deal. Because PharmAthene has now cancelled the merger and its special meeting with shareholders, it will pay Theraclone a termination fee in the amount of $1M. PharmAthene is a bio-defense company that specializes in medical countermeasures to biological and chemical threats. Its flagship products include countermeasures for anthrax and nerve agents. PharmAthene President and CEO Eric Richman expressed his gratitude for the hard work put forth by both companies during the last several months to close the transaction and affirmed its enthusiasm to identify opportunities to provide shareholders maximum value.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.