NEW YORK, April 21 (GenomeWeb News) - Nanogen of San Diego, Calif., today announced the closing of its all-stock acquisition of SynX Pharma of Toronto.
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The company will issue approximately 1.6 million shares of its common stock to SynX shareholders at an exchange ratio of 0.123 Nanogen shares per each SynX common share. Additionally, Nanogen acquired CA $3.5 million ($2.6 million) of subordinated secured debentures of SynX in exchange for 300,000 shares of its common stock.
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SynX is now a wholly owned subsidiary of Nanogen, nearly three months after the acquisition was first announced.