MediciNova (MNOV) To Aquire Avigen (AVGN) For $1.24/Share

August 21, 2009 6:56 AM EDT

MediciNova (Nasdaq: MNOV) and Avigen, Inc. (Nasdaq: AVGN) announced that they have entered into a definitive merger agreement pursuant to which MediciNova's wholly-owned subsidiary will merge with and into Avigen.

Under the terms of the merger agreement, which has been approved by both companies' boards of directors, Avigen shareholders will have the right to elect to receive an amount currently estimated at approximately $1.24 per share in either cash or secured convertible notes to be issued by MediciNova. Approximately $1.19 of this consideration will be paid at the closing, and approximately $0.05 will be paid at June 30, 2010.

AVGN closed at $1.33 yesterday.

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