Biotage AB has today completed the acquisition of PhyNexus, Inc., which was announced on December 4, 2018. As part of the completion, the Board of Directors of Biotage has also, pursuant to an authorization granted by the Annual General Meeting 2018, resolved on a share issue of 487,337 shares.
As previously announced, Biotage has on December 4, 2018, entered into an agreement to acquire all outstanding shares in the privately held company, PhyNexus and the purchase price amounts to approx. USD 21.4 million (corresponding to approx. SEK 191 million[1]). Approx. USD 10.0 million (corresponding to approx. SEK 89 million) of the total purchase price consist of expected future additional purchase price payments for the years 2019 to 2023 that will be bases on future results.
The Board of Directors has today resolved to issue the consideration shares in connection with the acquisition of PhyNexus. The share issue will increase the number of shares of Biotage from 64,714,447 to 65,201,784, which will result in a dilution of 0.7 percent for existing shareholders. The newly issued shares have been subscribed by the main shareholders of PhyNexus (including the largest shareholder Doug Gjerde, representing approx. 60 percent of the shares and votes in PhyNexus). Additional shares may be issued in connection with post-closing price adjustments and earnout payments.
Date: January 21, 2019
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Source: Yahoo Finance
