Cytogen/Advanced Magnetics
This article was originally published in The Gray Sheet
Executive Summary
Firms scuttle merger plans Aug. 28, concurring that marketing and supply agreements will achieve the same goals. The revised deal gives Cytogen U.S. rights to Advanced Magnetics' Combidex, a contrast agent for detecting lymph node metastases, and Code 7228, for oncology indications. In exchange, Advanced Magnetics will receive 1.5 mil. shares of Cytogen stock, and after reaching certain milestones will receive 500,000 more shares. Cytogen's planned $60 mil. stock-for-stock acquisition of Advanced Magnetics, announced July 10, has been terminated (1"The Gray Sheet" July 17, 2000, p. 9)