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Clinical Data, Inc. and Avalon Pharmaceuticals, Inc.
Clinical Data, Inc. to Acquire Avalon Pharmaceuticals
November 15th, 2008
Clinical Data, Inc. (NASDAQ: CLDA) and Avalon Pharmaceuticals, Inc. (NASDAQ: AVRX) announced that they have entered into a definitive merger agreement for Clinical Data to acquire Avalon in an all-stock transaction valued at approximately $10 million. The combined company will have a significantly expanded oncology business with a pipeline of promising oncology biomarkers and compounds, and a biomarker discovery platform to identify additional therapeutic and diagnostic candidates. The merger agreement was part of a series of transactions entered into by the companies. "The acquisition of Avalon is aligned with our core strategy of identifying proprietary biomarkers...
Source: Law & Health Weekly (2008-11-15)
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