NEW YORK, April 20 (GenomeWeb News) - Nanogen of San Diego and Toronto-based SynX Pharma said today that the Ontario Superior Court of Justice and SynX shareholders have approved Nanogen's all-stock transaction of SynX, which was originally announced in February.
The transaction, valued at approximately CA$16.3 million (US$12 million), is currently scheduled for tomorrow, April 21, 2004, but is still "subject to other regulatory approvals and other customary closing conditions," the companies said.
SynX said that it has approximately 11.4 million shares and share equivalents outstanding, and that it expects each of its shareholders to receive approximately CA$1.426 per SynX share in Nanogen common stock.
The exchange ratio will be determined on the closing date, at which time Nanogen will acquire CA$3.5 million in subordinated secured debentures of SynX in exchange for shares of Nanogen stock.