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DeCode Wraps Up MediChem Acquisition

NEW YORK, March 18 - DeCode Genetics on Monday said it has sealed its acquisition of MediChem Life Sciences as shareholders "voted overwhelmingly" to support the stock-for-stock deal.

All other closing conditions have also been met, DeCode said.

Under the terms of the acquisition, announced in January, MediChem shareholders will receive 0.3099 shares of newly issued DeCode common stock in exchange for each share of MediChem common stock they hold.

The Icelandic population genetics company said it expects to issue some 8.4 million new shares of common stock, bringing to 53.6 million shares it will have outstanding.

"With the addition of MediChem's proven expertise in medicinal chemistry and proteomics, DeCode is becoming a fully integrated biopharmaceutical company with the capacity to take our population-validated targets into proprietary drug discovery and development," Kari Stefansson, CEO of DeCode, said in a statement.