GenStar, Vascular Genetics to Merge
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GenStar Therapeutics Corp. and closely held Vascular Genetics Inc. agreed to merge, becoming a biotechnology company focused on gene therapy.
Shareholders of each San Diego firm will own 50% of the new company, to be named Autus Genetics Corp.
Autus plans to focus on developing a gene therapy treatment for heart disease developed by Human Genome Sciences Inc. Human Genome, which owns a 27% stake in Vascular Genetics, will own 15% of the new company. Baxter International Inc., an investor in GenStar, will hold about 15% of Autus.
GenStar shares rose 14 cents to 73 cents on the American Stock Exchange.
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