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Genaissance to Acquire Lark Technologies for $19.9M

NEW YORK, Dec. 19 (GenomeWeb News) - Genaissance Pharmaceuticals announced today that it will acquire Lark Technologies of Houston, Texas in an all stock transaction worth about $19.9 million.

 

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.