Trimeris (Nasdaq: TRMS) and Massachusetts-based Synageva BioPharma valued the proposed merger of the two companies at some $35 million. The deal would be an all-stock transaction.

In a filing with the Securities and Exchange Commission, the two firms detailed plans for the merger that would turn Synageva into a public company.

The companies announced plans to merge last month.

Synageva would own 75 percent of the venture.

Both companies plan to schedule meetings of their shareholders in order to vote on the deal.

Trimeris is developer of the HIV drug Fuzeon.

Synageva was based in Atlanta before moving to Lexington, Mass. in 2008.

In 2009, an $81 million acquisition of Trimeris by a South Korean firm fell through, leading to a $12 million breakup fee for Trimeris.

Trimeris is profitable, but sales of Fuzeon have been declining.

The company recently won a $4.9 royalty settlement with Roche, which manufacturers and sell Fuzeon.

Read the SEC filing here.

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