Synbiotics, Rhone Merieux deal

SBIO signed a definitive agreement to acquire the veterinary diagnostics business of Rhone Merieux, a division of Rhone-Poulenc Rorer Inc. (Collegeville, Penn.). SBIO will pay $12 million in cash and 821,000 shares of SBIO common stock.

SBIO has received a $15 million commitment from Banque Paribas for debt financing of the cash portion of the acquisition. SBIO also may pay up to $2.25 million in contingent cash payments to Rhone Merieux after three years. ...