Arigene Co., a Korean medical equipment maker, said Tuesday it is terminating its tender offer for outstanding shares of biopharmaceutical company Trimeris Inc.
Arigene couldn't secure enough financing for the offer, the company said.
Trimeris agreed to be acquired on Oct. 2 for about $81 million, or $3.60 per share, and the tender offer was extended until Monday on Nov. 17. Arigene had asked for another extension but Trimeris didn't grant it.
When the offer expired Monday, about 19.3 million, or 86.4 percent of outstanding Trimeris shares, had been tendered. Arigene said the tendered shares will be returned to their holders.
The news sent Trimeris shares down 54 cents, or 17 percent, to $2.64. The stock has traded between 84 cents and $3.68 over the past year.