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.

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