RTP-based Adherex Technologies (AMEX: ADH, www.adherex.com) has finalized an all-stock reacquisition deal for Cadherin Biomedical. The final terms of the deal, which was originally announced in July 2004, call for Adherex to issue 3.2 million shares of Adherex common stock in exchange for all the shares of Cadherin common stock. The agreement also signals the end of litigation between the two companies.
Adherex is biopharmaceutical company dedicated to the discovery and development of novel cancer therapeutics. The Cadherin acquisition is not expected to have a direct effect on the advancement of the company's oncology drugs. However, company officials believe that the acquisition will be valuable for non-cancer applications as well as for future partnerships.
Adherex Technologies is a CED Member.