* Panacos Pharmaceuticals of Gaithersburg agreed to be acquired by V.I. Technologies Inc. (Vitex) of Watertown, Mass., in a stock deal potentially worth $48.6 million. Panacos develops antiviral drugs. Vitex is a public company that develops products to improve the safety of the blood supply. Vitex will issue 25 million common shares in exchange for all outstanding Panacos shares, and will issue up to an additional 20 million shares upon the successful completion of near-term clinical milestones for Panacos's oral HIV drug, PA-457. Shares of Vitex closed yesterday at $1.15, up 7 cents. The transaction is expected to close during the third quarter and is subject to regulatory and shareholder approval. Panacos has raised more than $26 million in two rounds of private equity funding since its inception in 2000. Investors include Ampersand Ventures, A.M. Pappas & Associates, Mitsui & Co., Venture Partners, Novo A/S, Lakeview Capital Management, William Harris Investors, New England Partners, and the Maryland Department of Business and Economic Development.
* PEC Solutions, a Fairfax professional services company, won a five-year, $27 million contract from the Administrative Office of the U.S. Courts to provide information technology management support. PEC will focus on areas such as needs identification, requirements analysis, alternatives analysis and acquisition support.
Compiled from reports by Washington Post staff writers, Business Wire and PR Newswire.