Synbiotics, International Canine Genetics Inc. deal

SBIO signed a definitive agreement to purchase ICGI, a veterinary company with a focus in canine reproduction and genetic disorders. SBIO will issue up to 1.4 million common shares in the acquisition, with the number of shares subject to adjustment if SBIO’s stock is above $3.50 or below $2.50. SBIO, which closed at $3.75 on Friday, has 5.9 million shares outstanding prior to the acquisition.

ICGI, which closed at $3.875 on Friday, has 2.8 million shares and 1 million warrants outstanding. SBIO will replace ICGI’s warrants with warrants to purchase SBIO shares. For the nine months ended March 31, ICGI reported a loss of $1.3 million (49 cents) on revenues of $1.2 million. ICGI had $147,000 in cash as of March 31. ...