Innogenetics, Solvay deal

Solvay tendered an offer to acquire the 93% of Innogenetics it does not already own for E5.75 per share in cash, valuing Innogenetics at E177.6 million ($280.8 million) based on 30.8 million shares outstanding. The price is a 54% premium to Innogenetics' close of E3.74 on April 24, the day before the deal was announced.

Solvay said Innogenetics' R&D in diagnostics would be used to accelerate the development of Solvay's therapeutic pipeline through the implementation of biomarker, diagnostics and companion diagnostics technologies. Earlier this month, the companies, which have been collaborating since 1997, extended until 2010 a deal to develop companion diagnostics for undisclosed Solvay therapeutic programs (see BioCentury, April 14). ...