The name change, which Pyrosequencing said would not affect the company's distinctive logo, must be approved by shareholders during an upcoming meeting. The company said it will call for a shareholders' meeting "shortly."
Pyrosequencing will also get a new organizational structure, which will comprise two business areas: Biosystems and Discovery Chemistry. Hans Johansson, president of Pyrosequencing, will be the head of Biosystems, and David Patteson, president of Biotage, will run Discovery Chemistry.
Jeff Bork, who had been chairman and CEO of Pyrosequencing, will become president and CEO of the new company Biotage. Ove Mattsson, previously chairman of the board of Personal Chemistry, will be chairman of the new Biotage.
As GenomeWeb News reporter, Pyrosequencing said on Oct. 14 that it had entered into an agreement with Dyax to acquire Biotage, a wholly owned subsidiary, for approximately $35 million in cash.
Pyrosequencing, which expanded its product line to include medicinal chemistry following its recent acquisition of Personal Chemistry, said the Biotage acquisition would enhance its chemistry portfolio.
Pyrosequencing said it plans to take over the mortgage on Biotage's newly built premises in
Biotage reported net sales of $23.2 million in 2002. The company has 126 employees.