NEW YORK, July 13 – Lexicon Genetics of The Woodlands, Texas, has closed the deal to acquire Coelacanth in a stock transaction valued at $32 million.
Under the terms of the final merger agreement announced Thursday, Lexicon will distribute 2,918,991 shares of common stock to Coelacanth stockholders. The deal is based on Lexicon’s average closing price of $10.9625 per share during the 30 days ending three days prior to the effective date of the merger.
Coelacanth uses proprietary chemistry technologies to discover new chemical entities for drug development. The newly acquired company will make up the core of Lexicon’s new division, Lexicon Pharmaceuticals, which will be based in Princeton, N.J.
Lexicon Pharmaceuticals will combine Lexicon's defined targets from the human genome with Coelacanth chemistry technologies to discover new drugs.
Established in 1996, Coelacanth has screening libraries and an industrialized medicinal chemistry platform to create drug development candidates.