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Affymetrix Expects eBioscience Buy to Close Next Month

NEW YORK (GenomeWeb News) – Affymetrix said in a filing with the US Securities and Exchange Commission today that it expects to close its acquisition of eBioscience next month rather than in the fourth quarter, as originally announced.

Affy announced the $330 million deal at the end of November. It is expected to provide the Santa Clara, Calif.-based firm with opportunities in post-genomic applications of immunology, oncology, cell biology, stem cell biology, and diagnostics. eBioscience's sales for 2011 are anticipated to exceed $70 million.

Affy said that the expected completion date of the transaction is being pushed back to January due to additional work that is required to complete the debt financing for the deal.

At the time the acquisition was announced Affy said that it had obtained a fully underwritten senior secured financing commitment of $190 million, which includes a $20 million revolving credit facility, and that it expects to pay for the deal through a roughly 50-50 split of cash on hand and committed debt.

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