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news.Corixa Corporation has reported that its stockholders have approved the merger agreement which will see Corixa become a wholly owned subsidiary of GlaxoSmithKline. This approval brings the deal, which was announced in April, close to completion.
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As part of the $300 million takeover, shareholders will receive $4.40 in cash for each share of common stock, $517.65 in cash for each share of Series A Preferred Stock, and $172.01 for each share of Series B Preferred Stock.
Corixa is a biopharmaceutical company developing vaccine adjuvants and immunology based products that manage human diseases.