ARTICLE | Company News

Clinical Data, Genaissance deal

June 27, 2005 7:00 AM UTC

Diagnostics company CLDA will acquire pharmacogenomics company GNSC in a stock deal valued at $56 million. GNSC shareholders will receive 0.065 CLDA shares for each GNSC share, representing a price of $1.33 per share of GNSC. This is a 25% premium to GNSC's close of $1.06 on June 20, the day before the deal was announced. GNSC shareholders will own about 40% of the combined company. The deal is expected to close in the fourth quarter.

The deal gives CLDA an entry into the molecular diagnostics market. The combined company will market reagents, instruments and molecular testing services to physicians and hospitals and will offer DNA and pharmacogenomics services to the pharmaceutical, biotechnology and agricultural industries. ...