Skip to main content
Premium Trial:

Request an Annual Quote

Gene Logic to Acquire TherImmune for $52 Million

NEW YORK, Feb. 25 - Gene Logic said today it has signed an agreement to acquire TherImmune Research, of Gaithersburg, Md., for $52 million in cash and stock.

 

TherImmune, founded in 1998, is a privately owned drug discovery, pre-clinical, and clinical trial contract research organization.

 

Under the agreement, Gene Logic will pay TherImmune shareholders $31 million in cash, and will issue them approximately 3.1 million new shares in a private placement, the value of which Gene Logic estimates at $21 million but says will be subject to the closing share price as of the date the transaction closes. The companies expect the acquisition to close during the second quarter of this year, subject to shareholder and regulatory approval.

   

Gene Logic said in a statement that the acquisition enables it to grow by creating its own outsourcing unit for drug discovery and development services in order to better address the needs of biopharma customers, and also to "drive genomic information into mainstream drug discovery and development," and enhance its revenue growth.

 

The combined company is to have a staff of 500 and be headquartered in Gaithersburg, Md. TherImmune president Stephen Trevisan will become a member of Gene Logic's senior management team, and will become a  member of Gene Logic's board of directors.                                

The Scan

US Booster Eligibility Decision

The US CDC director recommends that people at high risk of developing COVID-19 due to their jobs also be eligible for COVID-19 boosters, in addition to those 65 years old and older or with underlying medical conditions.

Arizona Bill Before Judge

The Arizona Daily Star reports that a judge weighing whether a new Arizona law restricting abortion due to genetic conditions is a ban or a restriction.

Additional Genes

Wales is rolling out new genetic testing service for cancer patients, according to BBC News.

Science Papers Examine State of Human Genomic Research, Single-Cell Protein Quantification

In Science this week: a number of editorials and policy reports discuss advances in human genomic research, and more.