Techniclone Acquisition
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TUSTIN — Techniclone Corp. completed the acquisition of Peregrine Pharmaceuticals Inc. for 5.08 million shares of common stock.
Techniclone, a pharmaceutical company, said in May that it will record a $27-million expense in the fourth quarter for research and development costs acquired in the transaction. Peregrine, based in Princeton, N.J., is a pharmaceutical company that develops cancer therapies.
Techniclone stock closed Wednesday at $4.25 a share, down 31.3 cents.
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