Trimeris shareholders will meet Nov. 2 to vote on the proposed sale of the AIDS-drug company to a Massachusetts drug-development company.
Trimeris, which is based in Durham and is publicly traded, has agreed to be acquired by privately held Synageva in an all-stock deal.
The deal calls for the investors in Synageva to own 75 percent of the combined company's outstanding shares, with Trimeris shareholders owning the remaining 25 percent.
The combined business will be called Synageva and will be run by the current Synageva CEO, Sanj K. Patel. After the merger, the company will have no presence in Durham.
Trimeris has been seeking a buyer for years.
It once employed 150 workers but now has fewer than a handful and has no products under development. Its sole business is collecting royalty checks for sales of the AIDS drug Fuzeon from its marketing partner Roche.
Those checks have been getting smaller over the past two years as sales are on the decline.