NEW YORK, June 1 (GenomeWeb News) - Tepnel Life Sciences said today that it has revised the final purchase price for its January acquisition of Orchid BioSciences' Orchid Diagnostics unit by more than $1 million.
Tepnel said that independent auditors revisited the completed accounts for the acquisition and determined that "a further adjustment of the final purchase price" would be necessary, bringing the final price to $2.49 million in cash. This is a dramatic drop from the $3.5 million purchase price quoted in January, which was itself reduced some $800,000 from a $4.3 million price tag originally proposed in October 2003.
Tepnel said that the latest price is the result of $957,531 payable by Orchid Biosciences to Tepnel Life Sciences. Of this, $450,000 is held in escrow, and Tepnel said it expects to receive an additional $507,531 from Orchid Biosciences "directly."