NEW YORK (GenomeWeb News) – Sequenom today said that it has commenced an exchange offer to Exact Sciences in an all-stock transaction valued at around $41 million.

Under the terms of the offer, each share of Exact Sciences is exchangeable for $1.50 in Sequenom common stock. The offer is subject to a 15 percent collar that fixes the exchange ratio if the price of Sequenom's stock is more than $28.06 or less than $20.74 per share.

As of mid-morning, Exact's shares were trading at $1.49 and Sequenom's shares were trading at $24.28.

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