Arigene Co. announced Tuesday that the Korean medical equipment company is cancelling its tender offer for outstanding shares of biopharmaceutical company Trimeris Inc. (NASDAQ: TRMS).
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Arigene said that it could not secure enough financing for the offer.
Trimeris agreed to be acquired on Oct. 2 for about $81 million, or $3.60 per share, and on Nov. 17, the tender offer was extended until Monday. Arigene had asked for another extension but Trimeris did not grant it.
About 19.3 million, or 86.4 percent of outstanding Trimeris shares, had been tendered at the time the offer expired Monday. Arigene said the tendered shares will be returned to their holders.
Trimeris shares down 57 cents, or 17.9 percent, to $2.61. The stock has traded between 84 cents and $3.68 over the past year.
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