GenVec Inc. – Nasdaq: GNVC
Nano-cap GenVec Inc. shares are up over 40% today on news that Intrexon Corporation (NYSE: XON) that it has entered into a definitive agreement to acquire Germantown, MD-based GenVec, Inc. (Nasdaq: GNVC), a clinical-stage company and pioneer in the development of AdenoVerse™ gene delivery technology.
Thomas D. Reed, Ph.D., Intrexon’s chief science officer commented, “Our acquisition of GenVec will mark our continuing commitment to add gene delivery platforms that complement our multigenic control systems. Intrexon’s proficiency in using various viral as well as non-viral transfer techniques to integrate our gene programs affords us the capability to pursue an array of in vivo and ex vivo gene and cell therapy approaches, and the addition of a helper-dependent adenoviral system with a substantial payload capacity dramatically expands the types of in vivo therapeutic programs we can pursue.”
GenVec stockholders will receive 0.297 of a share of Intrexon Common Stock in exchange for each share of GenVec common stock. This exchange ratio represents $7.00 per share of GenVec’s common stock based on Intrexon’s 5-day volume weighted average price as of January 23, 2017. GenVec stockholders will also receive a right to contingent consideration equal to 50% of any milestone or royalty payments received within 36 months after the closing of the transaction under GenVec’s Research Collaboration and License Agreement with Novartis.
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|Last Price a/o 3:27 PM EST||$ 1.93|
|Market Cap||$10.17 million|
|Shares Outstanding||2.24 million|
|Share Float||1.72 million|
|Short Interest Ratio||0.12|