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Orchid Closes Lifecodes Acquisition

NEW YORK, Dec. 6 — Orchid BioSciences announced on Thursday that it had completed the acquisition of  Lifecodes, which specializes in genomics testing for forensics and paternity applications, giving Orchid a significant boost in identity testing and forensic genomics.

 

The acquisition, first announced on Oct. 1, is valued at $12.6 million and is structured as a tax-free stock-for-stock transaction under which Lifecodes shareholders will receive an aggregate of 6.6 million new shares of Orchid common stock.

 

Lifecodes recently began marketing a new HLA typing system. Orchid plans to fold this innovation and other products and services into its new Orchid Diagnostics unit, which will market these services alongside its own genetic diagnostic for cystic fibrosis. The company said the division will have sales of more than $12 million in 2002.

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