PharmAthene, a biodefense company, announced that it has terminated its definitive merger agreement with US-based Theraclone Sciences with consent from Theraclone.
The agreement provided for the merger of a wholly-owned subsidiary of PharmAthene into Theraclone in an all-stock, merger-of-equals transaction.
Accordingly, PharmAthene has cancelled the special meeting of stockholders scheduled for 3 December 2013 and will pay Theraclone Sciences a $1m termination fee.
PharmAthene president and CEO Eric Richman said: "I would like to thank the employees and management of PharmAthene and Theraclone who have worked diligently on this transaction over the past several months. We at PharmAthene will continue to seek to identify opportunities to maximize value for our stockholders."
PharmAthene's current biodefense portfolio includes the following product candidates:
- SparVax - a next generation recombinant protective (rPA) anthrax vaccine
- rBChE bioscavenger - a medical countermeasure for nerve agent poisoning by organophosphorous compounds, including nerve gases and pesticides
- Valortim - a fully human monoclonal antibody for the prevention and treatment of anthrax infection.