The terms of the agreement include the exchange of each outstanding share of Genaissance common stock for 0.065 shares of Clinical Data common stock, and the exchange of Genaissance preferred shares for newly designated Clinical Data preferred shares.
Clinical Data said the combined company will be profit driven, operate domestically and internationally, and will offer a wide range of reagents, instruments and molecular testing services directed at the physician office and hospital markets.
The company’s DNA and pharmacogenomics services will continue to be marketed to the pharmaceutical, biotechnology and agricultural marketplaces. Recently, Clinical Data entered into a definitive agreement to acquire Icoria which will add additional capabilities in the area of molecular diagnostics.
Randal Kirk, Chairman of Clinical Data said; “We are strategically adding to our core expertise, building a company that is not only a leader in the development and marketing of traditional medical diagnostics, but one that is transforming the industry by developing molecular diagnostic tests that will improve the prescribing of therapeutics and, thus, influence the management of patient care.”