SillaJen, Inc. executed a definitive merger agreement to acquire the remaining stake in Jennerex Biotherapeutics, Inc. from Transgene SA (ENXTPA:TNG) and others for approximately $150 million in cash on November 25, 2013. Including potential future milestone payments, total consideration for the all-cash transaction could reach approximately $150 million. Following the acquisition, Jennerex will become a wholly-owned subsidiary of SillaJen, but will keep its name and remain headquartered in San Francisco. David A. McDonald, Chief Business Officer of SillaJen will be the head of Jennerex upon closing of the transaction. The acquisition, subject to normal closing conditions and completion of financing by SillaJen, is expected to close in the first quarter of 2014.

Wedbush PacGrow Life Sciences acted as financial and Alan Mendelson, Luke Bergstrom, David Wheeler, Deepa Rich, Nick Palatucci, Kirt Switzer, Una Au, Jay Metz, Ashley Wagner, Judith Hasko, Kathleen Cui, Yina Dong, Ed Shapiro, John Manthei, Seth Gilmore and Amy Speros of Latham & Watkins LLP acted as legal advisor for SillaJen. Centerview Partners LLC acted as financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal advisor for Jennerex, Inc. Dongbu Securities Co., Ltd. (KOSE:A016610) and Korea Ratings Co., Ltd. acted as financial advisors for SillaJen. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal advisor to Transgene SA.