Sedia Biosciences, Floragenex Merger
News Oct 21, 2016
Sedia Biosciences Corporation and Floragenex Inc have announced the merger of their companies. Details of the transaction were not disclosed. Sedia will continue the business of Floragenex as a wholly-owned subsidiary with current Floragenex Chief Executive Officer, Dr. Rick Nipper continuing oversight of the new subsidiary. Floragenex Inc focused on next-generation DNA sequencing, was founded in 2007 as a spin out of the University of Oregon, while Sedia Biosciences, founded in 2009, develops and commercializes point of care diagnostics in human diseases, including HIV.
The combined company will continue to provide genomic services for scientific customers and testing solutions for HIV and other infectious agents. “The merging of Sedia and Floragenex creates a compelling strategic transaction for our combined shareholders and the capability to deliver leading-edge technological innovation to our current and future customers,” said Roger Gale, Chairman and Chief Executive Officer, Sedia Biosciences.
The merger will also yield many synergies and benefits in the months and years ahead. Specifically, it will strengthen and diversify our scientific capability across both immuno- and molecular (DNA) diagnostic technologies; broaden our potential product range; expand access to the plant and animal kingdom markets; accelerate development of next generation products; and strengthen sales and marketing, business development, and strategic planning.”
“The merger with Sedia Biosciences will help expand Floragenex’s expertise in the product and diagnostic spaces while helping to grow our existing genomic services business,” said Rick Nipper, Chief Executive Officer, Floragenex. “As a long time provider of next generation DNA sequencing services, we look forward to continuing to support and serve our clients in the life sciences. At the same time, we’re excited to deepen the relationship with Sedia, who has been a corporate partner of Floragenex since 2015. Our combined management and scientific teams are eager to work together and move forward into new technologies capitalizing on the expertise of both companies.”
Dr. Ronald Mink, President and Chief Sciences Officer of Sedia Biosciences added “The medical diagnostics market has rapidly developed intense interest in the application of molecular biology technology to novel point-of-care testing approaches. The pooled expertise of both companies will assist Sedia’s expansion into novel molecular diagnostic products to supplement and enhance our current product lines, and allow further expansion into plant and animal testing. There is tremendous potential in the synergistic opportunities afforded Sedia as a result of our combined expertise and markets.” Legal counsel for the transaction was provided to Floragenex by Alto Law Group and to Sedia Biosciences by Ater Wynne LLP and Tonkon Torp LLP.
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