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IMMULOGIC AND MARION MERRELL DOW COMPLETE $18 MILLION STOCK PURCHASE PORTION OF ALLERVAX COMMERCIALIZATION AGREEMENT

IMMULOGIC AND MARION MERRELL DOW COMPLETE $18 MILLION STOCK PURCHASE
 PORTION OF ALLERVAX COMMERCIALIZATION AGREEMENT
 CAMBRIDGE, Mass., Dec. 17 /PRNewswire/ -- ImmuLogic Pharmaceutical Corporation (NASDAQ: IMUL) announced today the closing of the purchase by Marion Merrell Dow Inc. (NYSE: MKC) of 1.0 million shares of ImmuLogic common stock at a price of $18.00 per share. ImmuLogic also received today $1.16 million in consideration for an option the company granted to Marion Merrell Dow to acquire 250,000 shares of ImmuLogic common stock at an exercise price of $35.00 per share. The common stock and option purchase follow clearance of the transaction by the Federal Trade Commission and Department of Justice under the Hart-Scott-Rodino Antitrust Act. As previously announced, the purchase was subject to review under the Hart-Scott-Rodino Act.
 The stock and option purchase are part of a collaborative agreement recently announced between ImmuLogic and Marion Merrell Dow for the joint worldwide development and commercialization of ImmuLogic's ALLERVAX(tm) family of allergy therapeutics. When the collaboration agreement is finalized in early 1992, ImmuLogic will receive a $7 million license payment from Marion Merrell Dow. The agreement also provides for additional license and milestone payments to ImmuLogic, which could total an additional $25-35 million over the development period.
 ImmuLogic is a biopharmaceutical company developing products to treat allergies and autoimmune diseases based on proprietary discoveries and an advanced understanding of the molecular elements controlling the human immune system.
 -0- 12/17/91
 /CONTACT: Janet C. Bush of Immulogic, 617-494-0060; or Richard M. Johnson of Marion Merrell Dow, 816-966-4000/
 (IMUL MKC) CO: ImmuLogic Pharmaceutical Corporation; Marion Merrell Dow Inc. ST: Massachusetts IN: MTC SU:


PB-DD -- NE002 -- 2928 12/17/91 11:49 EST
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Publication:PR Newswire
Date:Dec 17, 1991
Words:283
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