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Novelos buys Cellectar

Executive Summary

Struggling oncology therapeutics company Novelos Therapeutics Inc. has purchased privately held Cellectar Inc. (cancer-targeted drugs) in an all-stock transaction. Novelos issued 85% of its outstanding stock (post-acquisition) to Cellectar shareholders, or about 17mm shares after giving effect to a 1 for 153 reverse stock split conducted by Novelos with the closing of the merger. Based on the adjusted ten-day market average prior to the transaction (and considering the stock split), the deal is valued at $44mm.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
  • Pharmaceuticals
    • Radiopharmaceuticals, Contrast Agents
Deal Status
  • Final
Deal Type
  • Acquisition
    • Acquisition of Private Biotech
    • Full Acquisition
    • Includes Contract
    • Intra-Biotech Deal
    • Payment Includes Stock
    • Reverse Acquisition

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