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Pharmaceutical industry

CYTOGEN Corporation Acquires Cellcor Incorporated for $20 Million

Strategic Insights

— 1 min read

CYTOGEN Corporation announced the successful acquisition of Cellcor Incorporated at a special meeting held on October 16, 1995, with over 95% of its stockholders voting in favor of the proposal. The approval marked a significant milestone in the biopharmaceutical company's strategy to add complementary products, technologies, and services to its existing portfolio. Cellcor, a biotechnology company focused on developing cellular therapies, has recently completed a Phase III pivotal trial for autolymphocyte therapy (ALT) to treat metastatic kidney cancer patients.

Key Takeaways:

  • CYTOGEN Corporation acquired Cellcor Incorporated, a biotechnology company focused on developing cellular therapies, for $20 million.
  • The acquisition was approved by over 95% of CYTOGEN's stockholders at a special meeting held on October 16, 1995.
  • Cellcor has completed a Phase III pivotal trial for autolymphocyte therapy (ALT) to treat metastatic kidney cancer patients.
  • ALT is a proprietary immunotherapy using a patient's own immune cells to treat cancer and certain infectious diseases.
  • The acquisition broadens CYTOGEN's pipeline with a late-stage product and a proprietary technology.
  • Hillman Medical Ventures, Cellcor's largest stockholder, purchased $11.5 million of the subscription offering.

Statistics:

  • 17.3 million outstanding shares of CYTOGEN Corporation were voted in favor of the proposal.
  • Over 95% of the shares voted endorsed the proposal.
  • The acquisition price of Cellcor Incorporated was $20 million.
  • $11.5 million of the offering was purchased by Hillman Medical Ventures.
  • $8.5 million of CYTOGEN common stock was purchased by other Cellcor shareholders.
  • A total of $23.5 million of CYTOGEN common stock was purchased as part of the subscription offering to Cellcor stockholders.
  • The closing of the merger will occur on or by October 18, 1995.

Sources:

  • CYTOGEN Corporation (PRNewswire, October 16, 1995)
  • Cellcor, Inc. (PRNewswire, October 16, 1995)
  • Hillman Medical Ventures (no specific date mentioned in the source)

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