Decode Buys Cancer Research Firm UVS for $5.5M in Stock

NEW YORK, Jan. 18 (GenomeWeb News) - Decode Genetics has bought Urdur, Verdandi, Skuld, a privately held Icelandic cancer research company, to expand its discovery and drug development capabilities based on population genetics, Decode said today.

"UVS has organized cancer research in Iceland since 1998 and has recruited a large number of patients and controls into their studies," said Decode's CEO, Kari Stefansson, in a statement.

Reykjavik-based Decode acquired UVS for $5.5 million in common stock based on the average closing price for the 30 days preceding the acquisition, according to the statement.

Shares of Decode were trading lower in afternoon trade, after hitting a 52-week high yesterday of $10.77.