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news.Orchid Cellmark, a provider of DNA testing services has closed the transaction to acquire the outstanding stock of ReliaGene Technologies, for a purchase price of $5.6 million in cash and 560,539 shares of Orchid Cellmark restricted common stock.
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The purchase price is subject to adjustment based on ReliaGene’s working capital at closing and future revenue levels. A portion of the purchase price will be held in escrow subject to satisfying certain conditions including the seller’s indemnification obligations.
ReliaGene is a prominent and well respected provider of forensic and paternity DNA analysis services based in New Orleans, Louisiana and had 2006 annual revenue of $7.5 million.