A biotech bil­lion­aire grabs mi­cro­cap Gen­Vec and its gene vec­tor tech in buy­out

Af­ter wrestling out of a delist­ing no­tice and pen­ny stock ter­ri­to­ry last year, the tiny mi­cro-cap biotech Gen­Vec $GN­VC has fi­nal­ly found the buy­er it has long been look­ing for. In­trex­on $XON, backed by biotech bil­lion­aire Ran­dal Kirk, has swooped in to buy the Gaithers­burg, MD-based com­pa­ny and its vi­ral gene de­liv­ery sys­tem in an all-stock deal.

The buy­out gives Gen­Vec share­hold­ers a pay­out of about $7 a share, a 54% pre­mi­um over the stock price at the time the merg­er was an­nounced this morn­ing. The share­hold­ers will al­so get half of any mile­stone mon­ey that comes its way in the next 36 months. Gen­Vec had a mar­ket cap of on­ly $10 mil­lion.

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