Clinical Data Acquires Genome Express to Enhance European Expansion
News Mar 08, 2006
Clinical Data, Inc. has announced that it has purchased Genome express™. Under terms of the Agreement, Genome express shareholders received total consideration of EUR 2.65 million euros (approximately $3.16 million).
Of this amount, EUR 200,000 euros (approximately $238,000) is being paid in cash and the remainder is being paid through the issuance of 123,179 shares of Clinical Data common stock.
In connection with the transaction, Clinical Data has agreed to file a registration statement with the U.S. Securities & Exchange Commission to register the shares issued in the transaction.
Accordingly, this press release does not and will not constitute an offer to sell or the solicitation of an offer to buy any securities of Clinical Data.
Genome express retained Bioscience Managers Limited as their exclusive advisor for the transaction.
Clinical Data President and CEO Israel M. Stein, M.D., said, "Genome express is a leading genomics services company."
"In France, Genome express is unsurpassed in the scope and breadth of its platform and its capacity for proprietary genomics, transcription, and proteomics analysis as well as its bio-computing backbone."
"The company has substantial operations and a strong track record of providing value to European and international pharmaceutical companies and biotechs."
"The services offered by Genome express are very complementary and additive to those currently being provided by Clinical Data's COGENICS™ division. This transaction should also be accretive to earnings over the relatively near term."
"From both a financial and product perspective, and in terms of Genome express' geographic reach and client base of over 2000 active customers, this acquisition provides Clinical Data with an ideal opportunity to support additional European initiatives."
"Expansion beyond our present U.K. operations, where we already have a substantial presence, and into Europe by leveraging Genome express assets and capabilities, provides the core strategic rationale for this transaction."
Genome express CEO Warren Barton, said, "We welcome the opportunity to become a part of Clinical Data. We see this transaction as the initial phase of a strategic opportunity to jointly capitalize on the huge growth potential in genomics and related services in Europe."
"As a combined company, we anticipate building a substantial competitive advantage driven by the ability to offer the most comprehensive suite of genomics services to clients."