Pharmexa A/S to Acquire GemVax AS

Pharmexa has entered into an agreement to acquire GemVax AS, a private Norwegian biotech company focusing on cancer vaccines. The purchase price will be paid in newly issued Pharmexa shares and by issuance of a convertible debt instrument. To finance the combined product pipeline of the two companies, including two large Phase III studies in pancreatic cancer, Pharmexa intends to launch a rights issue with minimum proceeds of DKK 150 million and maximum proceeds of approximately DKK 320 million.

BioSpace (http://www.biospace.com/news_story.cfm?StoryID=19651720&full=1)