Jan 9 (Reuters) -Sequenom Inc said it has proposed to buy Exact Sciences Corp in an all-stock deal valued at about $41 million to boost its cancer diagnostics offering.
Under the terms of the proposal, each share of Exact Sciences, which develops technologies that detect cancer, would be exchanged for $1.50 in Sequenom stock.
The genetics products maker said the offer represents a premium of 69 percent to Exact Sciences stock's Thursday closing price of 89 cents.
Shares of Exact Sciences closed at 99 cents, while those of Sequenom closed at $23.02 Friday on Nasdaq. (Reporting by Poojya Trivedi in Bangalore; Editing by Deepak Kannan) Keywords: SEQUENOM/TAKEOVER EXACTSCIENCES (poojya.trivedi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: poojya.trivedi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Under the terms of the proposal, each share of Exact Sciences, which develops technologies that detect cancer, would be exchanged for $1.50 in Sequenom stock.
The genetics products maker said the offer represents a premium of 69 percent to Exact Sciences stock's Thursday closing price of 89 cents.
Shares of Exact Sciences closed at 99 cents, while those of Sequenom closed at $23.02 Friday on Nasdaq. (Reporting by Poojya Trivedi in Bangalore; Editing by Deepak Kannan) Keywords: SEQUENOM/TAKEOVER EXACTSCIENCES (poojya.trivedi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: poojya.trivedi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.