NEW YORK, Dec. 16 (GenomeWeb News) - Nanogen and Epoch Biosciences shareholders yesterday finally approved Nanogen's acquisition of Epoch for $97 million. The deal, originally announced in Spetember, is expected to close today.
Nanogen shareholders approved the issuance of shares of common stock for the deal, and also approved an amendment to the company's certificate of incorporation increasing the number of authorized shares of Nanogen common stock to 135 million shares.
Epoch Biosciences is expected to cease trading on the Nasdaq exchange at market close on Thursday afternoon.
Epoch stockholders will receive .47 shares of Nanogen stock in exchange for each share of Epoch common stock they hold. At the completion of the merger, Nanogen will have approximately 50 million common shares outstanding.
The Nanogen shareholder meeting was originally held on Dec. 8, but was postponed until Dec. 15 because the number of shares represented by votes or votes by proxy was insufficient for a decision.