NEW YORK (GenomeWeb News) – Decode Genetics said today that it has completed the sale of its Decode Genetics Ehf subsidiary and drug-discovery and –development assets to investment consortium Saga Investments, which will launch a new private company with the same name.
Last week, as part of publicly traded Decode's ongoing bankruptcy proceedings, the US Bankruptcy Court for the District of Delaware authorized the sale of Decode's assets to Saga, a consortium with financial backing from Polaris Venture Partners and Arch Venture Partners.
The newly financed, privately owned Decode Genetics Ehf will continue its human genetics operations and all of the Decode brand products and services, including the Decode diagnostics disease risk tests; DecodeMe personal genome scans; and contract service offerings including genotyping, sequencing, and data analysis, the company said.
The company will be led by a two-man executive committee comprising CEO Earl Collier, a former executive vice president at Genzyme; and Executive Chairman and President of Research Kari Stefansson, who formerly served as CEO of Decode Genetics.
Meantime, publicly traded Decode Genetics said that it is changing its name to DGI Resolution, and that information about its ongoing Chapter 11 proceedings can be found at its website.
DGI Resolution said that it expects to be liquidated, subject to the approval of the bankruptcy court. In the event of a liquidation, any recovery for its stockholders would be highly unlikely, the company said.