Clinical Data to acquire Avalon

Biotechnology firm Clinical Data will acquire fellow-US company Avalon in an all-stock transaction valued at around $10.0 million. Under the terms of the agreement, CD will acquire all outstanding shares of the company from Avalon stockholders for $12.40 per share. The merger is one of four separate deals the firms have entered into. CD has also completed a $240,000 private placement of around 20% of Avalon stock at a 15% discount on the current closing price, provided Avalon with a $3.0-million loan and acquired a royalty-free license to the worldwide rights for Avalon's proprietary AvalonRx patient-stratification technology.