The company through which Seattle-based Theraclone hoped to become publicly traded has called off their planned merger just a day before a vote to seal the deal.
PharmAthene, a Maryland biotech, said Monday the two companies agreed to terminate the merger they announced in August. The pact, billed as a combination of equals, would have put Theraclone CEO Cliff Stocks at the helm of a public company based here.
Theraclone will receive $1 million in a termination payment from PharmAthene , according to a regulatory filing.
The biotechnology website FierceBiotech reports the abrupt ending of the deal comes “a few days after the feds left Seattle-based Theraclone Sciences high and dry of funds for its midstage study of an antiflu antibody.”
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PharmAthene shares were down 1 cent after the news to $1.86, giving the company a market capitalization of $97 million.