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Genizon Acquires Ailing Swedish Sequencing Developer Global Genomics for $4.8M in Shares

May 11, 2005

NEW YORK, May 11 (GenomeWeb News) - Genizon BioSciences has acquired certain assets and staff of Global Genomics, a beleaguered Swedish company developing new DNA sequencing technology, for approximately CA$6 million ($4.8 million) in Genizon shares, GenomeWeb News has learned.

 

Along with the sequencing technology, five related patents or patent applications, and algorithms for data analysis, Genizon will take on about seven employees of Global Genomics, bringing its own headcount up to about 100. Genizon changed its name from Galileo Genomics in December.

 

Genizon plans to use the technology, which is still in development, to identify disease-causing mutations at gene locations identified in whole-genome association studies. The company might also commercialize the technology, or offer it as a sequencing service, "if it lives up to its promise," Henry Bretecher, Genizon's chief financial officer, told GenomeWeb News today.

 

Global Genomics was about to go into liquidation, according to Bretecher. Beside the sequencing technology, the company had been developing a chip technology that was "pre-empted" by a chip developed in Taiwan. Genizon and Global shared at least one investor, who suggested that the companies join forces.

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