Corixa to acquire Ribi ImmunoChem

Corixa Corp says it has signed a definitive agreement to acquire RibiImmunoChem Research, a Montana, USA-based biopharmaceutical company. The deal, valued at approximately $56.3 million, will combine Corixa's antigen discovery and immunotherapeutic expertise with Ribi's work with adjuvants and its resources to develop therapies for the treatment of cancer, infectious and autoimmune diseases, say the firms.

The price of the deal is based on the purchase of Ribi's current 21 million outstanding shares for approximately $47.5 million in stock, and an additional $8.8 million in cash to buy preferred shares held by Rose Glen Capital.

The merger is expected to close in September, and the combined portfolio of the new entity is expected to include nine projects in clinical development, 15 preclinical or discovery programs and six corporate partnerships.