NEW YORK (GenomeWeb News) – Affymetrix announced after the close of the market Monday that it has completed the $315 million acquisition of eBioscience.
Affy had initially inked a $330 million deal for eBioscience last November, but a lawsuit filed by Tang Capital Partners temporarily derailed the deal. It inked the amended $315 million deal in early May.
Affy completed a $105 million senior convertible notes offering last week that will partly fund the eBioscience transaction.
The deal provides Affy with flow cytometry technologies and immunoassay reagents for immunology and oncology research and diagnostics. It said today that with the addition of eBioscience's products its addressable markets represent a more than $2.5 billion annual opportunity.
"Through the acquisition of eBio we now have a blue-chip portfolio of cell-based assays that diversify our business and open up important new avenues for growth," Affymetrix President and CEO Frank Witney said in a statement. "With eBio’s portfolio of profitable and growing flow cytometry and immunoassay reagents, the combined company intends to provide novel molecular solutions that will allow us to penetrate sizable new markets."
Affy said that in connection with the acquisition it's compensation committee approved equity incentive awards to 278 eBioscience employees as an inducement to join the firm. In aggregate, 1.32 million Affy shares of common stock may be issued to the new non-executive employees, including an aggregate 942,000 restricted stock units that vest in equal installments over two years, subject to performance based criteria; 296,650 restricted stock units that vest in equal installments over four years; and options to purchase up to 80,000 shares of common stock that vest in equal installments over four years. The stock options have a maximum term of seven years.