Group of Former Affymetrix Executives Submits Offer, Complicating Tie-Up
19 March 2016 - 5:10AM
Dow Jones News
A group of former Affymetrix Inc. executives submitted a new
proposal for the genetic-analysis company, threatening its planned
tie-up with Thermo Fisher Scientific Inc.
Origin Technologies Corporation LLC, a newly formed entity owned
by former Affymetrix executives, said it wanted to buy Affymetrix
for $16.10 per share, in a deal worth about $1.5 billion.
Affymetrix shares jumped 14% to $16.04 on the news.
In January Thermo Fisher Scientific said it would buy Affymetrix
for about $14 a share, or roughly $1.3 billion, in a bid to boost
its biogenetic-analysis portfolio.
Before the January offer became public, Affymetrix's shares
closed at $9.21.
Thermo Fisher and Affymetrix didn't immediately respond to a
request for comment.
In Origin's offer letter, it said it would pay the $55 million
termination fee potentially owed to Thermo Fisher if the offer was
accepted.
Origin is funding its deal with debt financing from a public
equity firm. The four people running Origin formerly worked at
Affymetrix as vice presidents, including a former general counsel
and a head of molecular diagnostics research and development.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
March 18, 2016 13:55 ET (17:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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