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GenoMed Expects to Acquire Genomic Medicine Within 10 Days

NEW YORK, Nov. 26 - GenoMed said on Monday that it has finalized a letter of intent to acquire Genomic Medicine in an all-stock transaction that is set to close within 10 days.

 

Terms of the acquisition call for GenoMed to receive $2 million in cash in the first year with commitments for an additional $5 million, according to an official close to the deal.

 

Other financial details of the deal were not released.

 

The official, who asked not to be named, said that GenoMed has extended 5-year employment contracts with "all of the current scientists and mathematicians" at Genomic Medicine.

 

The new company, which will retain the GenoMed name, plans to "double or triple" its lab space and facilities in the coming months, the official added. GenoMed currently takes up roughly 2,000 square feet of space. Both firms are located in St. Louis.

 

After the acquisition, which has been on the table since January, the new firm, which will publicly traded, will employ about a dozen staff. GenoMed currently employs six individuals.

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