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Sygnis Acquiring Expedeon for Cash, Stock

NEW YORK (GenomeWeb) – Biotech firm Sygnis said today that it is acquiring UK-based proteomics reagents company Expedeon.

The deal broadens Sygnis' genomics-focused product portfolio to include protein research and gives it access to Expedeon's sales forces in the US and Europe, the company said.

Sygnis will purchase Expedeon for €1.7 million ($1.9 million) in cash and an additional amount of stock, financing the transaction by issuing up to 20.5 million new shares, which will raise up to €20.5 million.

New shares not subscribed to in the offering will be offered to Expedeon shareholders as a contribution in kind against Expedeon shares. Sygnis said it intends to complete the acquisition by issuing roughly 80 percent of the new shares against Expedeon shares.

Sygnis said it expects to use €5 million from the capital raise to cover acquisition and integration costs and to provide working capital.

Sygnis has offices in Germany and Spain and specializes in the development and commercialization of DNA amplification and sequencing products. Expedeon's protein research products include RunBlue gels for electrophoresis, the VersaWave spectrophotometer for quantitation, and NVoy kits for refolding proteins.