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Genome Therapeutics to Merge with Genesoft Pharmaceuticals

NEW YORK, Nov. 18 (GenomeWeb News) - Genome Therapeutics said today that it would merge with privately held Genesoft Pharmaceuticals in an all-stock transaction expected to close in the first quarter of 2004.

The merged company, which will retain the name Genome Therapeutics until a new name is selected, will focus on the development and commercialization of new anti-infective therapeutics. The company expects to launch one such product, the antibiotic Factive (gemifloxacin mesylate tablets) in the summer of 2004.

David Singer, founder, chairman and CEO of Genesoft Pharmaceuticals, will become chairman of the new company.

Genome Therapeutics said it would issue around 28 million shares of its common stock to Genesoft shareholders, and assume debt of $24 million. Genome Therapeutics, which raised around $9 million in a common stock placement in September, said it plans to raise an additional $30 million to fund the merged company.

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