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Celldex to buy CuraGen in $94.5 mln stock deal

http://www.reuters.com/article/marketsNews/idINBNG42442920090529?rpc=44

* Celldex to buy CuraGen for $94.5 mln in stock

* Deal expected to close in Q3

* Deal to add to Celldex's immunotherapy platform

May 29 (Reuters) - Celldex Therapeutics Inc (CLDX.O) said it agreed to acquire CuraGen Corp (CRGN.O) for $94.5 million in stock.

With the acquisition, Celldex will add 11 oncology-focused antibodies to its precision targeted immunotherapy platform. [ID:nWNAB4554]

CuraGen is expected to have a cash balance of at least $54.5 million at the close of deal, which is expected to occur in the third quarter.

Celldex will assume $14.1 million of CuraGen's 4 percent convertible debt due in February 2011 at the close of the deal.

CuraGen shares were up 7 percent at $1.34 in pre-market trade, after closing at $1.25 Thursday on Nasdaq.