Complete Genomics and Threshold Pharma Move in Opposite Direction Filed under: Equities Editor's Desk,Healthcare —September 17, 2012In biotech news today, struggling gene sequencing company Complete Genomics Inc. (GNOM) got a lift on news that it has signed a definitive agreement to be acquired by leading genomics firm China's BGI-Shenzhen for $117.6 million, or $3.15 per share. Per the deal, Complete will also get $30 million in bridge financing for operations. The offer is at an 18 percent premium to the $2.67 closing price of GNOM on Friday, Sept 15. In June, Complete Genomics reported that it was exploring strategic options with consultation from Jefferies & Company and slashing about 20 percent of its staff. The premium price may seem grandiose as it is 54 percent higher than the value of GNOM when it announced possibly offering itself for sale in June, but it's still a long way from the $17 per share Complete was worth late in 2010. The Mountain View, California-based company's board of directors has unanimously recommended that stockholders accept the offer and tender their shares. Company officers and key shareholders controlling 17.5 percent cumulatively of GNOM outstanding shares have agreed to tender their shares. Pending all requirements being met, the acquisition is expected to close early in 2013. BGI's chief executive Dr. Wang Jun commented, "Complete has developed a proprietary whole human genome sequencing technology that, together with other sequencing platforms used by BGI, will fit well with our research and business requirements and position Complete to become an even more successful global innovator." Trading at $3.06, shares of GNOM are holding shy of the buy-out offer one hour into the trading day. On the other side of the coin, shares of Threshold Pharmaceuticals Inc. (THLD) plummeted at the opening bell this morning upon news that its flagship pancreatic cancer drug didn't significantly improve survival rates, although data did show that Threshold's TH-302 drug candidate did meet its primary endpoint in the phase 2b clinical trial. Shares of Threshold have galloped ahead more than 500 percent this year, largely on the back of optimism and strong trial data on TH-302, but dropped as low as $5.87 this morning before rebounding near $7.00 per share to pare losses to around 20 percent so far today. It was the largest intraday drop since October 2008 for the San Francisco, California-based biotech. Threshold is partnered with Merck (MRK) on development of TH-302, with Merck to date dolling-out $60 million in cash as part of a larger $525 million licensing deal. Today's results and the stark price drop may have simply been a knee-jerk reaction to the news before it was completely digested. For starters, the drug is not dead; far from it. The clinical data collected will be used in the design of pivotal phase 3 trials of the drug. Secondly, TH-302 did hit its primary goal of progression-free survival (PFS). The TH-302 combined with chemotherapy (gemcitabine) arm showed PFS of 5.6 months as compared to 3.6 months for the gemcitabine-only control arm. The 2.3 increase is certainly statistically significant. The secondary endpoint that was not met related to overall survival rate. The company said that the trial wasn't designed to identify a statistical improvement from that perspective and that the data was skewed because chemo-only patients were eventually treated with TH-302 when it was determined that the disease had worsened. Threshold will be presenting its latest top-line data from the trials at the European Society of Medical Oncology meeting on September 29. As investors seem to better comprehend the news, the share price is steadily recovering moving into afternoon trading. By Andrew Klips
深圳华大基因和美国Complete Genomics宣布达成确定性的并购协议 两公司合并后将成为人类全基因组测序技术的全球领先者 发布日期：2012-09-17 中国深圳/美国加州山景城，2012年9月17日–中国深圳的国际领先基因技术公司深圳华大基因（华大基因）及人类全基因组测序的创新领导者Complete Genomics, Inc.（纳斯达克：GNOM）（Complete），今日宣布双方已经达成确定性协议，华大基因在美国的全资子公司将向Complete发出现金收购要约，以每股3.15美元（不计利息）收购该公司所有股权。该提价较Complete于2012年6月4日最后的收盘价2.04美元，高出54％的溢价。6月4日是Complete宣布开始考虑进行战略选择以确保继续为其医疗技术的商业化提供所需资金来源之前的最后一个交易日。Complete董事会一致建议公司股东接受要约并出售他们的股份。基于完全摊薄的流通股数量，该交易总值约为1.17亿美元。此外，Complete及华大基因的一个附属公司已达成协议，Complete 将获得达3000万美元的过桥贷款，以支持其在签署并购协议后的运营。Complete提供的人类全基因组测序技术目前已被医学研究机构用于研究，该技术将被医院及医生用于改善疾病的预防和治疗。华大基因运营国际基因组测序中心，为农业、动物和人类基因研究提供支持，并为包括美国在内的全世界的科研工作者提供服务。两公司的联合将融合双方在科学、技术及研发方面的互补优势。兼并后，Complete将继续单独运营，其总部和日常运营也将继续保留在加州山景城。华大基因的执行总裁王俊博士表示，"Complete开发的人类全基因组测序技术与华大基因目前使用的其它测序平台相结合，非常符合我们的研究和业务需求，也将会使Complete成为一个更成功的全球性的创新者。我们期待通过我们的业务发展促进医学研究，并且，当我们提供临床应用服务时，也为医院及医生诊断患者疾病提供更好的治疗手段和工具。""在我们顾问的协助下，我们为公司详尽地并大范围地评估了可能的选择，我们相信与华大基因的交易将为我们的股东带来最好的收益，为他们提供股票的流动性和高价值，"Complete的首席执行官和董事会主席Clifford•Reid博士表示。"除此之外，这次的兼并也将为我们现有或未来的用户带来巨大收益。我们的愿景是为科研工作者及医生提供预防、诊断及治疗癌症及其它基因性疾病的基因信息，双方资源的结合将加速我们这一愿景的实现。"
要约收购及兼并 根据并购协议的条款，华大基因旗下的全资子公司将会在七个工作日内，通过要约收购的形式以每股3.15美元（不计利息）购买Complete所有流通普通股。收购要约将在并购公告后开放至少20个工作日。总共拥有约占Complete流通股的17.5％股份的公司所有高管以及部分大股东，已经达成投股及支持协议，保证愿意根据收购要约出售其股份。完成收购要约将取决于多种条件的满足，其中包括至少大多数的流通普通股（按完全摊薄后）愿意被出售、获得中国相关监管机构的批准，获得联邦反垄断机构根据1974年Hart-Scott-Rodin法案的确认，获得美国外资投资委员会的许可以及及其它常规条件的满足。并购协议还规定，在常规条件满足的前提下，兼并将在要约完成后完成，兼并将有可能使所有没有在要约内被出售的股票转换为获得每股3.15美元现金（不计利息）的权力。此项交易预计在2013年初完成。
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