J&J grabs bankrupt TL-backed Immunicon for $31M
Johnson & Johnson's Veridex buys Immunicon, Huntingdon Valley-based developer of the CellSearch cancer detection system, for $31 million. The companies are longtime business partners who had a falling out recently.
Immunicon, Huntingdon Valley-based developer of the CellSearch cancer detection system, has agreed to sell its assets to its longtime busienss partner, Johnson & Johnson's Veridex LLC, for $31 million, immediately after Immunicon filed for Chapter 11 bankruptcy protection in Delaware, and three months after Immunicon lost an arbitration after accusing Veridex of not doing enough to market CellSearch.
The sale values Immunicon at around $1 a share, down from a peak of $10 in 2004 shortly after it went public on Nasdaq, but up from the 15 cents it had lately fetched in over-the-counter trading.. Immunicon's major investor is TL Ventures, a Wayne-based firm that invests for the Pennsylvania SERS state workers' pension fund, among other clients. Fillings
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