Compugen Reacquires Baize's Interest In Pipeline Product Candidates

(RTTNews) - Compugen Ltd. (CGEN) announced that it signed a termination and equity conversion agreement with Baize Investments (Israel) Ltd., by which the company has reacquired Baize's participation rights for certain Pipeline Program candidates. In addition, a warrant to purchase 500,000 Compugen ordinary shares at $7.50 per share previously issued to Baize has been cancelled.

In consideration thereof, Compugen will issue to Baize 1.60 million ordinary shares, and Baize will have the right to receive up to 5% of the cash consideration received by the Company from third parties with respect to Pipeline Program candidates covered by the prior agreement until December 31, 2015.

As per the previous agreements, pursuant to which Baize had invested a total of $13 million, Baize had the right to receive 10% of such cash consideration until June 30, 2015, and thereafter 10% for five selected Pipeline Program candidates until December 31, 2030.