Celldex Therapeutics acquires CuraGen Corporation

Celldex Therapeutics, Inc. (Nasdaq: CLDX) announced today the successful completion of its acquisition of CuraGen Corporation (Nasdaq: CRGN) pursuant to the previously disclosed Agreement and Plan of Merger, dated as of May 28, 2009, by and among CuraGen, Celldex and Celldex’s merger subsidiary, Cottrell Merger Sub, Inc. The Agreement and Plan of Merger was approved by CuraGen’s stockholders and the issuance of shares of Celldex common stock was approved by Celldex’s stockholders at special stockholder meetings held on September 30, 2009. Concurrent with the closing of the merger, Celldex added one position to its Board of Directors and Dr. Timothy Shannon, President and Chief Executive Officer of CuraGen, joined the Celldex Board of Directors.

“Celldex is focused on advancing our pipeline of targeted immunotherapeutics and we look forward to integrating CuraGen’s assets to augment our Precision Targeted Immunotherapy Platform,” stated Anthony Marucci, President and Chief Executive Officer of Celldex. “We’ve also significantly strengthened our balance sheet and look forward to a very productive and promising 2010.”

The purchase price for CuraGen was approximately $93.5 million after giving effect to the adjustments described in the Agreement and Plan of Merger to reflect CuraGen’s net cash balance of approximately $53.5 million. As a result of the merger, CuraGen has become a wholly owned subsidiary of Celldex.

Source: Celldex Therapeutics, Inc.