NEW YORK, April 8 (GenomeWeb News) - Biotage is close to closing a deal to purchase stock and certain assets of Argonaut Technologies' flash chromatography business for $21.2 million in cash.
The closing of the deal is expected to happen "directly after" a shareholder's meeting in the second half of May, if Biotage shareholders vote in favor of the acquisition, Biotage CEO Jeff Bork said today.
In February, Biotage entered into an agreement to purchase Argonauts' assets for $19.9 million in cash. Under the amended agreement, Argonaut is selling additional assets, including specified liabilities, warranty service and maintenance, and accounts payable of up to $350,000 associated with Argonauts' remaining Process Development Products and Services business.
Following the close of the deal, Argonaut intends to distribute to stockholders a significant portion of the net proceeds.