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SQI Diagnostics May Seek Merger or Sale

NEW YORK (GenomeWeb News) – SQI Diagnostics today said that it has established a special committee to review strategic alternatives for the firm, which could include a possible merger or sale.

SQI said that the special committee was formed to "review interest from a number of parties relating to a possible merger or sale of the company." It also said that it will continue to explore other alternatives, such as strategic alliances.

The special committee consists of the firm's chairman and two independent directors. The Toronto-based company also has hired Cantor Fitzgerald to assist in the process.

SQI makes microarray diagnostic products. Last year the firm withdrew from a planned initial public offering in the US, which led to it also calling off its proposed acquisition of German microarray firm Scienion.

It subsequently cut its workforce 28 percent in a reorganization in late 2011.