NEW YORK (GenomeWeb News) – Affymetrix is being sued by Tang Capital Partners over the Santa Clara, Calif.-based firm's proposed purchase of eBioscience.
In a document filed with the US Securities and Exchange Commission today, Affy said that the class action lawsuit, filed with the Superior Court of California, County of Santa Clara, alleges the purchase would constitute a fundamental change under the indenture that governs 3.50 percent senior convertible notes due 2038 held by Tang Capital.
Tang Capital, an investment fund based in San Diego, is seeking unspecified damages, temporary and permanent injunctive relief against completion of the purchase, and other remedies, Affy said. The company added that it believes the lawsuit is without merit and continues to work toward completing its eBioscience acquisition.
Affy's proposed $330 million buy of eBioscience was announced in November and was expected to be completed by the end of 2011. Earlier this week, Affy pushed the anticipated completion period to January 2012.