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Sygnis Plans Private Placement to Raise Money for Acquisition of TGR Biosciences

NEW YORK (GenomeWeb) – Sygnis announced that it plans to raise up to €6.6 million ($8.1 million) through a private stock placement to help fund its planned acquisition of Australian reagent maker TGR Biosciences.

Sygnis said it will offer up to approximately 4.7 million newly issued shares to European institutional investors at a price of €1.40 per share. Proceeds from the offering will be used to acquire TGR, which Sygnis has agreed to buy for €10.4 million in cash and potentially convertible bonds.

Sygnis also noted that TGR is profitable, generating an estimated €3.6 million over the past 12 months with a three-year compound annual growth rate of 23 percent, and that TGR has a complementary product portfolio that includes protein capture technology. This technology, once acquired, will be sold under Sygnis' Expedeon brand.

Sygnis has acquired a number of companies in recent years including Innova Biosciences last year, and Expedeon and CBS Scientific in 2016.