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Pursuant to the agreement, Intrexon will assume certain liabilities and will acquire substantially all of the property and equipment situated in Avalon Pharmaceuticals' Germantown, Maryland, facility.
Clinical Data will retain all intellectual property rights acquired in the Avalon acquisition, including all rights to a promising oncology drug candidate targeting the beta-catenin pathway and the AvalonRX biomarker discovery platform.
In addition to the cash payment, Clinical Data expects the annual cost-savings associated with this transaction to be approximately USD4.0m to USD5.0m.
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