Trimeris shares fall 18% after S.K. buyer asks for extenstion
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DURHAM, N.C. – The $81 million acquisition of biopharmaceutical firm Trimeris (Nasdaq: TRMS) by a South Korean firm may be in trouble.
Arigene has requested an extension for its tender offer to acquire Trimeris shares, Trimeris said in a statement issued early Thursday.
The news, announced before the markets opened Thursday, sent Talecris shares down more than 20 percent to as low as $2.82 in morning trading, Shares opened at $3.58 and finished the day down 64 cents or 18 percent.
If the deal falls through, Trimeris stands to receive a $12 million deal termination fee.
Trimeris, which is the developer of the HIV drug Fuzeon, and Arigene agreed to the deal in October. The tender offer for Trimeris shares is set to expire Nov. 16.
In its statement, Trimeris said Arigene and its subsidiary making the deal “do not expect to have sufficient funds and available financing to purchase all shares of Trimeris common stock validly tendered and not withdrawn as of expiration of the offer.”
“While Trimeris is evaluating Arigene's request to extend the tender offer period and amend the Merger Agreement, Trimeris believes that if sufficient shares are duly tendered and not withdrawn at the scheduled expiration of the tender, all conditions to Arigene's obligation to consummate the tender will be satisfied and Arigene will be obligated to purchase such tendered shares,” Trimeris said.
:Trimeris will also evaluate its rights and remedies under the Merger Agreement if Arigene does not complete the purchase of shares tendered under the offer, which include Trimeris’ right to seek the $12 million reverse termination fee payable by Arigene to Trimeris under certain circumstances,” the company added.
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