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Trimeris Sale Stops
Trimeris Inc. (TRMS) shares fell after Arigene Co. (067850.KQ) said it was ending its $80.3 million acquisition offer for the biopharmaceutical maker because it was unable to secure sufficient financing.
Shares recently were down 14% at 2.75% in premarket trading. The stock, through Monday's close, has more than doubled this year.
Under the deal, which had been extended several times and expired Monday, 86.4% of Trimeris stock, or about 19.3 million shares, had been tendered but not purchased.
Trimeris will receive a $12 million reverse termination fee.
Trimeris said it plans to focus on its Fuzeon drug, the first in a new class of anti-HIV drugs called fusion inhibitors.
Arigene, though its RTM Acquisition Co. unit, in October had offered $3.60 per Trimeris share. The deal represented the South Korean maker of medical equipment's first step toward the launch of a research and development center in Korea.
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