NEW YORK, Feb. 10 (GenomeWeb News) - Nanogen plans to acquire Syn X Pharma in an all-stock transaction, the company said today.
The transaction is valued at approximately CA$16.3 million ($12.3 million). Under the agreement, Nanogen will offer common shares to holders of Syn X common shares in a stock-for-stock exchange.
Nanogen, based in San Diego, plans to operate Toronto-based Syn X as a business unit under its current name and retain the company's research facility. Syn X managers George Jackowski and Rod Wilson are to join Nanogen's management team. Nanogen said the acquisition will help it expand its share in the in vitro diagnostics market. The company expects the Syn X unit to be cash flow positive by the end of 2005.
The acquisition, unanimously approved by Syn X directors, is subject to Syn X shareholder approval and other conditions. Nanogen expects the deal to close by the end of June.
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