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Applied Signal Technology (Nasdaq: APSG) $35.02. Today announced that it has entered into a definitive agreement to be acquired by Raytheon Company (NYSE: RTN) in an all cash tender offer for $38.00 per share. This price represents a premium of 8.5% to APSG’s closing price of $35.02 on December 17, 2010 and a premium of 37.0% to APSG’s closing price of $27.73 on October 21, 2010, the date prior to which the Company disclosed its intention to explore strategic alternatives to enhance shareholder value.
William B. Van Vleet, Chief Executive Officer of Applied Signal Technology, Inc. commented, “We believe that the sale of Applied Signal to Raytheon clearly creates excellent value for our shareholders as well as for our customers in the defense and intelligence market. Our expertise and history of innovation across a range of strategic and tactical ISR products and services, including significant scale in the fast-growing network intelligence space, and Raytheon’s technology portfolio, highly developed infrastructure and broad operating and development capabilities will create strong new capabilities for our customers.”
What They Do: Applied Signal Technology, Inc. is a leading provider of advanced intelligence, surveillance and reconnaissance (ISR) products, systems, and services that enhance global security.
Arrowhead Research Corporation (Nasdaq: ARWR) $0.90. Today announced that it has executed an exclusive world-wide license on technology developed by Drs. Wadih Arap and Renata Pasqualini at MD Anderson Cancer Center for use in weight loss and obesity-related metabolic conditions, and that it has launched a new company, Ablaris Therapeutics Inc., to commercialize this platform. Development of the technology is relatively advanced, and management expects that an initial drug candidate will be in the clinic in 2011. Under the license agreement, Ablaris is not responsible for any direct costs associated with preparing for an initial Phase 1 clinical trial or running the trial.
Ablaris has secured commitments for more than $3 million of outside capital to cover the upfront license payments and to launch operations. Arrowhead plans to invest an additional $500,000 in the new company. After the financing, Arrowhead will own approximately 55% of Ablaris, control the Board of Directors, and operate the subsidiary. This represents the accomplishment of three more goals the Company set for achievement by year’s end: specifically, Arrowhead completed a license with MD Anderson for the anti-obesity technology; Arrowhead started a new nanomedicine subsidiary; and founders of Ablaris have worked closely with the FDA to move the technology toward the clinic.
What They Do: Arrowhead Research Corporation is a nanotechnology company commercializing new technologies in the areas of life sciences and electronics.
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