Clinical Data Buys Avalon Pharmaceuticals
May 29, 2009 (FinancialWire) — Clinical Data, Inc. (NASDAQ: CLDA) has closed its acquisition of Avalon Pharmaceuticals, Inc. in an all-stock transaction worth around $10 million,
The total is based upon the 15-day volume weighted average price of $12.49 for Clinical Data’s common stock through October 27, 2008, the date of the two firms’ definitive merger agreement.
As a result of the acquisition, the common stock of Avalon ceased trading at market close on May 28.
Newton, Massachusetts-based Clinical Data is a biotechnology company that is utilizing its biomarker experience and intellectual property to develop and commercialize targeted therapeutics, as well as genetic and pharmacogenomic tests to detect serious diseases and help predict drug safety, tolerability, and efficacy.
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