"Icoria's biomarker discovery platform is an excellent fit with our molecular diagnostics business model while their metabolomics and genomics capabilities complement that pharmacogenomics capabilities we will be gaining in our pending acquisition of Genaissance Pharmaceuticals," said Clinical Data's president and CEO Israel Stein in a company statement. Clinical Data said in June that it will acquire Genaissance.
Under the agreement, which still requires approval by Icoria's shareholders, Clinical Data will issue 0.0139 of its own shares for each share of Icoria common stock, representing a price of $.32 per Icoria share based on the closing price of Clinical's stock last Friday.
The acquisition is expected to close late this year or early in 2006. The aggregate purchase price could fluctuate, depending on Clinical Data's common stock price, but will in no case be less than $10 million or more than $12.5 million.