The deal has been approved by both companies' boards of directors and is expected to close in the first half of 2004, subject to shareholder approval.
Lark is a research genomic service company that offers services for use in pharmaceutical, diagnostic, and agricultural product research and development. Genaissance expects to take in $25 million in pro forma revenues for 2004, plus a reduced operating loss and expanded service and technology portfolio, as a result of the transaction, according to the company.
"The acquisition of Lark is an exciting next step in the execution of our strategy to build a profitable base services business while developing proprietary products based on our HAP Technology.
Carl Balezentis, Lark's president and CEO, will join Genaissance as senior vice president and president, Lark Technologies.