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Madison Drug Company Cellectar to Merge with Boston’s Novelos

One of the companies awarded investments through the Wisconsin CAPCO Program, Cellectar Inc., has acquired Novelos Therapeutics Inc.:

Cellectar Inc., a Madison pharmaceutical company working on cancer-fighting drugs, has merged with a publicly traded Boston-area firm, Novelos Therapeutics Inc.

The transaction essentially grafts Cellectar’s research onto the upper management of Novelos.

With the merger, Novelos will shift its official headquarters from Newton, Mass., to Madison.

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