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Harvard Bioscience Acquisition of Genomic Solutions to Close Today

NEW YORK, Oct. 25 - Harvard Bioscience said that its acquisition of Genomic Solutions, originally announced in July, should close today.

 

Genomic Solutions shareholders will be able to convert their common stock into 0.1017 of a share of Harvard Bioscience common stock and pocket $0.286 in cash per converted share. The company, which will become a wholly owned subsidiary of Harvard Bioscience, will also be delisted from the Nasdaq exchange.

 

Last month, the Nasdaq threatened to delist Genomic Solutions for failing to keep its share price above $1 for 120 days. The company said it had asked for an appeal, but the issue now becomes moot.

 

Genomic Solutions said CEO Jeff Williams, 35, will stay on as president and will be nominated to join Harvard's board. The fate of Genomic Solutions' other top executives, or its staff, was not immediately clear. However, both firms said in July that Genomic Solutions will undergo a "major restructuring."

  

News of the acquisition, which Harvard Bioscience said will add $20 million to 2003 revenue, came as a surprise to some analysts over the summer who believed that despite its poor stock performance, Genomic Solutions occupied a relatively firm foothold in a few strong niche markets, including automated protein preparation, high-throughput preparation, and microarray preparation.

 

The catch is, Harvard Bioscience shares that opinion. Harvard is betting that Genomic Solutions will help it sell its own technology as well as use its databases to uncover leads, and take advantage of its strong marketing arm to sell them.

 

Harvard Bioscience said the deal will also try to give Genomic Solutions a wider foothold in Europeand "leverage" Harvard Bioscience's relationship with Amersham  Biosciences with Genomic Solutions' history with PerkinElmer.

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