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Enticed by Offers, Lion Plans to Sell Bioinformatics Business

NEW YORK, April 20 (GenomeWeb News) - Lured by several unsolicited acquisition offers, Lion Bioscience plans to sell its bioinformatics business by the end of September, the company said today.

 

The company is currently putting together a structured public tender offer for potential buyers. According to Lion, several companies have shown interest in purchasing the bioinformatics business, especially its SRS product. For example, last month, during Lion's annual shareholders' meeting, an investor announced that a pair of venture capital firms on whose behalf he was speaking may soon offer to take over the company.

 

A possible management buyout, suggested earlier this year and voted for during the shareholders' meeting, will be postponed until the tender offer is in place.

 

In conjunction with the planned sale of the bioinformatics business, Thure Etzold, inventor of SRS and currently CEO of Lion, will resign from the board of management in the near future.

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