SAN FRANCISCO, Nov. 19 - Exelixis has agreed to acquire Genomica for a stock-for-stock transaction valued at $110 million, the companies announced on Monday.
The agreement, approved by both companies' board of directors, calls for South San Francisco, Calif.-based Exelixis to put in an offer for 100 percent of Genomica's outstanding common stock on or about Nov. 27, according to the companies. Following the stock buy, the companies expect to merge during the first quarter of 2002.
"We believe that Genomica's substantial cash and investments will significantly enhance our ability to move our drug discovery programs forward, and that their software will be an important tool to manage human data during the clinical development of our compounds," George Scangos, CEO of Exelixis, said in a statement.
Genomica's customers include AstraZeneca, GlaxoSmithKline, Aventis, and the National Cancer Institute. Genomica, based in Boulder, Colo., has alliances with Applied Biosystems and Celera Genomics, according to the company. As of Sept. 30, Genomica had $110.8 million in cash, cash equivalents, and investments.
Exelixis is a genomics-based drug discovery company with a research and development focus on comparative genomics and model genetic systems.