Arigene lacks funds to complete Trimeris tender offer, seeks extension

By Lisa Kerner

Charlotte, N.C., Nov. 12 - Arigene Co., Ltd. and RTM Acquisition Co. requested an extension of their tender offer for Trimeris, Inc.

According to Trimeris, Arigene and RTM do not expect to have sufficient funds and available financing to purchase tendered Trimeris shares when the offer closes at midnight ET on Monday.

Trimeris said it is evaluating Arigene's request for an extension but believes Arigene is obligated to purchase shares tendered by the deadline.

The company may seek the $12 million reverse termination fee payable by Arigene if necessary, a Trimeris news release said.

In October, Arigene announced it would acquire Trimeris in a $3.60-per-share cash tender offer in a transaction valued at approximately $81 million.

Trimeris is a Durham, N.C., biopharmaceutical company.

Arigene is a medical equipment manufacturer based in Seoul, South Korea.

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