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Tripos Completes Purchase of Optive Research for $7.9M

NEW YORK, Jan. 5 (GenomeWeb News) - Tripos has completed the acquisition of Optive Research, a discovery informatics software developer, for roughly $7.9 million in stock and cash, the St. Louis-based company said today.

 

Under the agreement, Optive shareholders will receive 599,521 shares of Tripos common stock, worth about $3.18 million at the end of trading yesterday, and $4.75 million in cash. The cash portion of the purchase was funded by a $4 million investment by Horizon Technology Finance and Sand Hill Capital through the issuance of $3.5 million of subordinated debt, 111,606 shares of common stock, and warrants to purchase 156,250 shares of common stock.

 

Tripos expects the transaction to contribute to its operating income in 2005 and become accretive to net income by 2006.

 

Tripos already distributes five of 15 software products from Optive, a 2002 spinout from the University of Texas at Austin.

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