Oncogene Science Inc. on Thursday said it has finalized itsagreement to purchase the cancer diagnostics and therapeuticsbusiness of Applied bioTechnology Inc. Up to 3.66 millionshares of Oncogene stock (NASDAQ:ONCS) will be issued toprivately held AbT. The deal is valued at about $10.5 million,according to an Oncogene spokeswoman. Stock of Manhasset,N.Y.-based Oncogene closed up 25 cents at $5.50.
As part of the deal, AbT of Cambridge, Mass., agreed to spin offits vaccine/AIDS business. The spinoff, Therion Corp., isdeveloping AIDS vaccines, animal vaccines and therapeuticsfor herpes virus infections.
The acquisition is subject to approval by stockholders ofOncogene and AbT and finalization of an agreement with BectonDickinson for a collaborative research program.
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