By Lisa Kerner
Charlotte, N.C., Nov. 11 - Affymetrix Inc. agreed to acquire privately held Panomics Inc. for approximately $73 million in cash.
The transaction is expected to close by the end of 2008, according to an Affymetrix news release.
By acquiring Panomics, Affymetrix expects to strengthen its position in the high-growth validation and routine-testing market segments.
"As one company, we will be able to serve a much larger customer base around the world with a broader product portfolio that offers a more complete analysis workflow, enabling customers to perform experiments not possible on any other platform," Affymetrix president Kevin King said in the release.
Panomics is a Fremont, Calif., life sciences company that offers a platform of reagents and products that enable the multiplex measurement of molecular events.
Affymetrix develops microarray technology and products used in genetic research. The company is based in Santa Clara, Calif., and has manufacturing facilities in Sacramento, Cleveland and Singapore.
| Acquirer: | Affymetrix, Inc.
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| Target: | Panomics Inc.
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| Announcement date: | Nov. 11
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| Transaction total: | $73 million
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| Expected closing: | End of 2008
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