NEW YORK (GenomeWeb News) - Galapagos today said it has issued a final tranche of 113,378 shares to close its acquisition of informatics firm Inpharmatica.
Galapagos announced in December that it was acquiring the UK-based company in a share exchange over three tranches worth as much as €19.1 million ($25.4 million).
Galapagos plans to fold Inpharmatica into its drug discovery services business, BioFocus DPI.
Under the deal, Inpharmatica contributed C Preference shares to Galapagos in exchange for a total of 2,165,532 newly issued Galapagos shares.
A first tranche of 623,582 Galapagos shares was issued in December, and another trance of 613,270 shares was issued in April. The final tranche was issued yesterday.
In the end, Galapagos issued 815,302 fewer shares than the maximum the agreement allowed, at a value of around €7 million, because Inpharmatica failed to meet certain milestones laid out in the purchase agreement.
Galapagos now has 20,592,766 shares outstanding, at a value of €111.9 million, the company said.