J&J to acquire Immunicon assets after company files for Chapter 11
Immunicon, a small company which develops diagnostic and research products, filed for Chapter 11 bankruptcy protection today.
Immunicon’s stock has been down steadily for the past two years and has been trading as a penny stock since last winter. Johnson & Johnson subsidiary, Veridex, will purchase nearly all of Immunicon’s assets for approximately $31 million.
The company had partnered with Veridex in the past. Once the asset sale is complete, Immunicon will use the proceeds to pay its creditors, cover the cost of the sale and finally (if anything is left!) pay shareholders.
News of the bankruptcy hit Immunicon shares like a ton of bricks. The stock was trading down approximately forty-eight percent at noon.
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POSTED IN: Acquisitions, Market, News
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