MAXIM PHARMA TO BE ACQUIRED BY EPICEPT
Privately held drug developer EpiCept Corp. said Tuesday it will purchase Maxim Pharmaceuticals Inc., a San Diego-based drugmaker, for about $136 million in stock. The transaction is expected to close in the fourth quarter, subject to Maxim shareholder approval, with EpiCept shareholders owning about 72 percent of the merged company. The new firm will retain EpiCept's CEO and corporate name with headquarters in Englewood Cliffs, N.J. In addition, Ben Tseng, Maxim's vice president of research, will become EpiCept's chief scientific officer. The combined company's board will consist of five current EpiCept directors and two current Maxim directors.