Affymetrix and eBioscience amend merger agreement
Affymetrix and eBioscience have amended their definitive merger agreement.
Business negotiations between eBioscience and Affymetrix have resulted in the two firms amending their definitive merger agreement.
The document, which was originally dated November 29th 2011, has been altered so now the acquisition of eBioscience will cost Affymetrix $315 million (£194.74 million).
It is expected this deal will diversify Affymetrix's revenues, complement its franchise in genomics, create a number of new commercial opportunities in sectors such as diagnostics, stem cell biology, oncology and immunology and augment its business.
Subject to the completion of customary closing conditions, the deal is forecast to close late in the fiscal quarter concluding June 30th 2012.
"By amending the transaction, we are now able to realise the benefits of combining with eBioscience with significantly less senior secured debt than under the original agreement," Affymetrix president and chief executive officer Dr Frank Whitney said.
During the first three months of 2012, Affymetrix reported a total revenue of $65.2 million, compared with $73.7 million over the same timeframe in 2011.
Posted by David Gleck
Source: Affymetrix press release, May 3rd