Affymetrix convertibles holder sues over eBioscience acquisition

By Jennifer Chiou

New York, Dec. 30 - Affymetrix Inc. said in an 8-K filed with the Securities and Exchange Commission that it received notice that Tang Capital Partners, LP, a holder of its 3.5% senior convertible notes due 2038, has commenced class action litigation against the company over claims relating to the proposed acquisition of eBioscience Holding Co. Inc.

Affymetrix believes that the complaint is without merit.

As previously reported, the close of the transaction was pushed back to January from the fourth quarter of 2011.

The filing stated that the complaint alleges that the acquisition would constitute a fundamental change under the indenture governing the notes.

The complaint seeks unspecified damages, temporary and permanent injunctive relief against completion of the eBioscience acquisition and other remedies, Affymetrix stated.

Affymetrix is a Santa Clara, Calif.-based provider of technology used by pharmaceutical, diagnostic and biotechnology companies as well as academic, government and nonprofit research institutes. eBioscience is a San Diego, Calif.-based company with a position in flow cytometry and immunoassay reagents for immunology and oncology research and diagnostics.

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