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Special dividend signals the end for Trimeris

This article was originally published in Scrip

Executive Summary

Trimeris will pay a $1 per share special dividend to shareholders in a move which will be one of its last. The payout to shareholders will cost the company around $22.3 million. The firm has been winding down its operations since May when it revealed plans to sack all but three employees and terminate its R&D activities (Scrip Online, May 14th, 2008). At the time it gave shareholders $1.50 per share, which was more half of its cash. Trimeris's demise began in December 2007, when it announced a restructuring to maximise cash flows from its HIV treatment, Fuzeon (enfuvirtide). However, the product, which was its main revenue source, had been hit by increasing competition and the abandonment of a developmental needle-free version with its partnerRoche. At the end of 2008, the firm would have paid out more than $55 million to shareholders, which is $5 million more than previously announced.

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