Cell Genesys to Buy Somatix Therapy

Cell Genesys Inc. agreed to acquire Somatix Therapy Corp. for stock valued at $82.8 million, or $3.39 a share, a deal that would create one of the largest developers of gene therapies. The companies said they plan to fire about 20% of their combined work force after they close Alameda-based Somatix’s site there and consolidate research and development. Cell Genesys has about 145 employees and Somatix has about 85. Foster City-based Cell Genesys focuses its research on treating AIDS and cancer, whereas Somatix is seeking treatments for cancer and central nervous system diseases. The companies expect the transaction to be completed in April. Somatix shares fell 62.5 cents to close at $3.19, and Cell Genesys shares fell 31.25 cents to close at $8.81, both in Nasdaq trading.