NEW YORK, Feb. 25 - Gene Logic said today it has signed an agreement to acquire TherImmune Research, of
TherImmune, founded in 1998, is a privately owned drug discovery, pre-clinical, and clinical trial contract research organization.
Under the agreement, Gene Logic will pay TherImmune shareholders $31 million in cash, and will issue them approximately 3.1 million new shares in a private placement, the value of which Gene Logic estimates at $21 million but says will be subject to the closing share price as of the date the transaction closes. The companies expect the acquisition to close during the second quarter of this year, subject to shareholder and regulatory approval.
Gene Logic said in a statement that the acquisition enables it to grow by creating its own outsourcing unit for drug discovery and development services in order to better address the needs of biopharma customers, and also to "drive genomic information into mainstream drug discovery and development," and enhance its revenue growth.
The combined company is to have a staff of 500 and be headquartered in