July 17th, 2008, MacroGenics announced the acquisition of Raven Biotechnologies, Inc.

MacroGenics will issue shares of its stock to purchase Raven. Other terms of the transaction were not disclosed. Montgomery & Co., LLC served as the financial advisor to Raven. Arnold & Porter LLP served as legal advisor to MacroGenics.

Raven Biotechnologies is a biotechnology company focused on the discovery of new drug targets for life-threatening conditions and the development of antibody therapeutic products to treat them.

November 12th, 2007, Raven biotechnologies and VaxGen Inc. entered into a definitive merger agreement. Under the terms of the agreement, VaxGen stockholders would own at least 50.1 percent of the combined company on a pro forma basis. Completion of the transaction was conditioned upon the approval of the stockholders of both companies, as well as other customary closing conditions.

March 28th, 2008, VaxGen and Raven biotechnologies mutually agreed to terminate their merger agreement in light of stronger than anticipated opposition to the proposed merger by VaxGen stockholders.