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ViroLogic to Close $180M Aclara Acquisition By End of Friday

NEW YORK, Dec. 10 (GenomeWeb News) - ViroLogic will close its $180-million acquisition of Aclara by the end of the day, following requisite stockholder approval. The companies announced the acquisition in June.

 

Beginning Dec. 13, shares of the combined company, which will be called ViroLogic, will trade on the Nasdaq exchange under the ticker symbol VLGC.

 

The companies will combine Aclara's eTag platform with ViroLogic's laboratory, patient testing and pharmaceutical drug development business. Privately held ViroLogic, of South San Francisco, Calif., markets a line of drug resistance tests for HIV and hepatitis.


"Our combination of experience, infrastructure, technology and financial resources will provide the foundation to address the rapidly evolving field of targeted therapeutics and molecular diagnostics for infectious diseases and cancer," said William Young, CEO and chairman of ViroLogic, who will continue as CEO and chairman of the merged company. "We see the opportunity to apply our proven business model to the individualization of treatments in oncology.

As GenomeWeb News reported in June, ViroLogic said it intends to buy Aclara in order to create a molecular-diagnostics company for oncology and infectious diseases.

Under the agreement, every share of Aclara stock will be exchanged for 1.7 shares of ViroLogic common stock as well as 1.7 contingent value rights, or CVR, for a total of $4.78 per share. The CVR includes a potential cash payment of up to $.85 per Aclara Share, and is contingent upon the ViroLogic stock price 12 months after the merger is closed.

ViroLogic said at the time that it would have $75 million in cash, cash equivalents and marketable securities after the closing of the merger, and prior to any payment made under the CVRs.

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