Affymetrix Completes Acquisition of ParAllele BioScience
News Oct 25, 2005
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.
As genome editing technologies advance toward clinical therapies, they are raising hopes of a completely new way to treat disease. However, challenges need to be addressed before potential treatments can be widely used in patients. To tackle these challenges, the National Institutes of Health has launched the Somatic Cell Genome Editing program, which has awarded multiple grants including more than $3.6 million to assess the safety of genome editing in human cells and tissues.