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Annapolis-based PharmAthene cancels planned merger

PharmAthene Inc., an Annapolis-based biodefense company developing medical countermeasures against biological and chemical threats, announced Monday it has called off its planned merger with Seattle-based Theraclone Sciences Inc., a privately held developer of targeted antibody drugs.

PharmAthene did not give any reason for its decision to cancel the merger, which it said was agreed to by Theraclone.

PharmAthene said it cancelled a special stockholders’ meeting scheduled for Tuesay, and will pay Theraclone a $1 million termination fee.

The two companies announced in August an all-stock merger agreement, in which Theraclone would own 50 percent of the combined company.

The planned merger had drawn opposition from some PharmAthene stockholders.