Affymetrix Inc. has announced the completion of its acquisition of privately held ParAllele BioScience, Inc. In connection with the completion of the acquisition, ParAllele stockholders will receive approximately $120.8 million in the form of approximately 2.29 million shares of Affymetrix common stock and $11.7 million in cash in exchange for all of their outstanding shares and the assumption of all of ParAllele's stock options.
The acquisition was approved by ParAllele stockholders on October 20, 2005 and was completed on October 21, 2005.
“The acquisition of ParAllele will significantly accelerate the delivery of next-generation products to the marketplace,” said Stephen P.A. Fodor, Ph.D., Founder, Chairman and Chief Executive Officer of Affymetrix.
“ParAllele and Affymetrix' innovative technologies will be combined to deliver new discovery products for basic research and a scalable platform for the delivery of healthcare diagnostics.”
The companies are already offering genotyping products based on the ParAllele technology and will continue to leverage these capabilities to develop products for the expanding genetic studies market.
With the completion of this transaction, Affymetrix is increasing its portfolio of products to include 1,500 SNP custom assays and 20,000 non-synonymous coding SNP assays.