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Local Tech Wire

DURHAM, N.C. – South Korea-based Arigene launched its buyout of Trimeris (Nasdaq: TRMS) Monday morning with an offer of $3.60 per share.

shares closed at $3.46 on Friday.

The company developed the HIV drug Fuzeon, which is manufactured and sold internationally by Roche.

Arigene is making the buy through its subsidiary RTM Acquisition Company. Arigence announced plans to buy Trimeris for some $81 million on Oct. 2.

The offer is in cash.

Once the deal is closed, RTM and Trimeris will be merged with Trimeris operating as a subsidiary of Arigene.

“Acquisition of Trimeris would represent Arigene’s first step towards the launch of a research and development center in Korea to act as a facilitator to private ventures, governments and educational institutions within the biotechnology industry,” Arigene said in a statement.

The boards of both firms have already approved the deal.