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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