MERGERS & ACQUISITIONS
MedImmune Buys Cellective, Gains 3 Drugs
Drugmaker MedImmune said it is buying Cellective Therapeutics, a private company researching cancer and autoimmune therapies, in a transaction that will reduce its 2005 earnings by 20 cents a share.
Financial terms were not disclosed.
The Gaithersburg company said the acquisition will give it three drugs in pre-clinical trials. Under the agreement, MedImmune will make future payments to Cellective shareholders if these therapies reach certain development and sales milestones.
GOP Lobbying Firm Bought by Ogilvy
Ogilvy Public Relations Worldwide, a unit of Britain-based WPP Group, has agreed to buy the Federalist Group, a Republican lobbying firm in the District.
The price wasn't disclosed.
The lobbying firm is headed by Stewart Hall, a former Senate aide, and Wayne L. Berman, a prominent GOP fundraiser whose wife, Lea Berman, is the White House social secretary.
Danaher Won't Revise Bid for Leica
Danaher said it doesn't intend to revise the terms of its tender offer for Swiss imaging company Leica Geosystems.
In late July, the District-based maker of Craftsman-brand tools and other products offered about $950 million for Leica.
In August, Sweden's Hexagon raised its offer for Leica to more than $1 billion.
PNC, Wells Fargo Team Up on Mortgages
PNC Financial Services Group signed an agreement with Wells Fargo to offer mortgages in the Washington area, with plans to expand the partnership to its other markets later this year, PNC said.
PNC will offer the loans through its branches, its PNC Advisors offices and its call center. The banks will split fees collected from the mortgages PNC originates.
PNC operates in nine states, including Virginia and Maryland, and the District.
Wells Fargo is the top U.S. originator of home-equity loans.
Both companies will provide start-up capital to fund the mortgage offerings, PNC said.
Choice Hotels Announces Stock Split
Choice Hotels International of Silver Spring announced a two-for-one stock split effective Oct. 21 to shareholders of record on Oct. 7. The company is a franchiser of lodging brands such as Comfort Suites, Quality and Clarion.
Shares closed at $61.93, up 8 cents.
Compiled from staff and news service reports.