NEW YORK (GenomeWeb News) – Affymetrix said today that it does not expect to close its acquisition of eBioscience by the end of the month as previously expected, but aims to do so by the end of the first quarter.
The $330 million deal, announced in late November, was originally expected to close by the end of 2011. Affy in late December pushed back the acquisition date to January, citing additional work required to complete the debt financing for the transaction.
As reported by GenomeWeb Daily News sister publication BioArray News, the company is also facing an investor lawsuit related to the planned purchase of eBioscience.
Tang Capital Partners, which holds one of Affy's 3.5 percent senior convertible notes due 2038, in late December filed class action litigation in the Superior Court of California in the County of Santa Clara, alleging a "variety of claims," the company said.
Affy said in a filing with the US Securities and Exchange Commission today that it is "continuing to work to complete the acquisition and the related financing arrangements and to defend the previously announced litigation relating to the acquisition brought by a holder of the Company's 3.50 percent Senior Convertible Notes due 2038."
The company noted that it doesn't expect to close the acquisition this month, "but is working to complete the transaction during the first quarter of 2012."