Techniclone Acquisition

Pharmaceutical company Techniclone Corp. said Thursday it has agreed to acquire Peregrine Pharmaceuticals of Princeton, N.J., for stock.

If all Peregrine shareholders participate in the offer, Techniclone said, it will issue 4.7 million shares to acquire the stock of the New Jersey company, which develops therapeutics to treat cancer. Based on the stock’s closing price of $5.25 per share Thursday, the shares would have a total value of nearly $24.7 million.

The transaction is expected to close early this year.