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March 31, 2008

Tekmira Acquires Protiva Nixing Legal Disputes between Firms

  • Tekmira Pharmaceuticals plans to purchase Protiva Biotherapeutics, which will end all law suits between the companies. The combined entity will focus on delivery technology and nucleic acid drugs including RNAi therapeutics.

    As part of the transaction, Alnylam Pharmaceuticals and the Roche Venture Fund will each invest $5 million  in Tekmira at a price of $2.40 per share. The price is 175.86% over Tekmira’s Friday closing price of $0.87. The firm opened today at $1.21. The combined entity will have rights to develop seven RNAi therapeutic products based on access to Alnylam's intellectual property.

    At close, the new Tekmira is expected to have greater than $35 million in cash and equivalents. It expects to advance two systemic RNAi drugs into clinical development over the next 12-18 months as treatments for hypercholesterolemia and cancer.