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news.Affymetrix has completed its $120.8 million acquisition of ParAllele BioScience, a provider of highly-scalable technology for genetic studies.
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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 companies are already offering new 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 new 1,500 SNP custom assays and 20,000 non-synonymous coding SNP assays.
“The acquisition of ParAllele will significantly accelerate the delivery of next-generation products to the marketplace,” said Dr Stephen Fodor, founder, chairman and CEO 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.”