The terms of the agreement provide for a purchase price of $31.8 million, subject to certain adjustments, and Sequenom may also receive up to $4 million in contingent consideration upon the achievement of certain regulatory and sales milestones. Agena Bioscience also assumed certain liabilities related to the Bioscience business, which does not include any portion of Sequenom's bank debt or convertible notes outstanding. The facility lease for its Bioscience location in San Diego was also assumed by Agena Bioscience. All of the current Bioscience employees will be offered employment by Agena Bioscience.
"We are pleased to sell the business to Agena Bioscience and Telegraph Hill Partners as they plan to invest in the growth of the Bioscience business to achieve its full potential. This sale strengthens our balance sheet, and will enable us to focus exclusively on our Sequenom Laboratories business as we work toward achieving profitability," said Harry F. Hixson, Jr., Chairman and CEO of Sequenom.
The acquired business will continue to manufacture and sell the MassARRAY® System, a proprietary mass spectrometry-based genetic analysis instrument and associated products and services that provide research and clinical investigators with economical high multiplexing, high volume results, and precise quantification in a well-established platform technology.