Lenox Drive-based Celsion Corporation, an oncology drug development company, will acquire Huntsville, Alabama-based EGEN Inc., a biopharmaceutical company focused on treating cancer and difficult diseases with DNA-based immunotherapy.
Along with the company, Celsion is acquiring EGEN’s candidate immunotherapy drug EGEN-001 and its platform technologies. The drug is in early clinical trials. The platform technologies are all related to DNA and RNA. Celsion is paying $14 million in cash and shares, plus $30 million in the future if EGEN’s product hits certain development and licensing milestones.
“This transaction offers an immediately well-defined strategic fit, bringing together discovery and pre-clinical expertise with clinical and operational excellence, ground-breaking technologies with high-value clinical assets, to form a company whose synergy provides substantially more than its parts,” said Michael H. Tardugno, Celsion’s president and CEO.
Celsion Corp., 997 Lenox Drive, Suite 100, Lawrenceville 08648; 800-262-0394; Gregory Weaver, senior VP, CFO. www.celsion.com.
