¿ Compugen Ltd., of Tel Aviv, Israel, said it obtained approval to have its shares listed on the Tel Aviv Stock Exchange. The shares already trade on Nasdaq. The company said the move will help Israeli and other investors outside the U.S. trade in the stock. It also said it was the first biotech company to be traded on that exchange.
¿ ConjuChem Inc., of Montreal, said it granted Trimeris Inc., of Durham, N.C., an exclusive right to negotiate for a worldwide license to ConjuChem¿s Drug Affinity Complex technology to create long-lasting HIV compounds. Trimeris paid an undisclosed up-front fee for the exclusive negotiating rights.
¿ Cubist Pharmaceuticals Inc., of Lexington, Mass., said purchasers of $125 million principal amount of 5.5 percent convertible subordinates notes due 2008 exercised their option on $40 million in additional notes, bringing the total raised to $165 million. The notes are convertible at $47.20 per share. (See BioWorld Today, Oct. 24, 2001.)
¿ InterMune Inc., of Brisbane, Calif., filed a shelf registration statement that would allow it to offer and sell up to $150 million in stock. The company said it had no immediate financing plans.
¿ Kyowa Hakko Kogyo Co. Ltd., of Tokyo, said it developed a next-generation technology for the production of highly active antibodies. The company said it will serve as its core technology for creating new antibody therapeutics. The technology enables the commercial-scale production of antibodies with potent antibody-dependent cell-mediated cytotoxicity (ADCC), the company said, adding that it is designed to decrease the amount of fucose in antibodies, resulting in a dramatic increase in their ADCC.
¿ Ligand Pharmaceuticals Inc., of San Diego, said Elan Corp. plc, of Dublin, Ireland, agreed to convert three zero-coupon convertible notes currently valued at $61.8 million into 4.4 million Ligand shares. Two notes were issued Nov. 9, 1998, valued at $40 million, and the third was issued Dec. 29, 2000, with a value of $10 million. Ligand will recognize a one-time charge of $5 million in the fourth quarter. Ligand said the conversion improves its capital structure, and strengthens its balance sheet by reducing debt and decreasing future interest expenses. After the conversion, Elan¿s stake in Ligand will be 18.9 percent, or 19.2 percent on a fully diluted basis. The latter figure assumes conversion by Elan of $20 million in convertible notes still outstanding.
¿ OSI Pharmaceuticals Inc., of Melville, N.Y., and Gilead Sciences Inc., of Foster City, Calif., said they completed the sale of Gilead¿s oncology assets to OSI. OSI acquired Gilead¿s pipeline of oncology products and its Boulder, Colo., operations, which include personnel and infrastructure. Gilead received $130 million cash and 924,984 OSI shares. Gilead could receive up to $30 million more depending on progress of NX211, the most advanced oncology product in the deal. The deal was announced in November. (See BioWorld Today, Nov. 26, 2001.)