|Icoria shareholders will get 0.0139 share of Clinical Data common stock for each share of Icoria, the companies said in a statement.|
Based on Clinical Data's closing price on Friday, the terms represent a price for Icoria of 32 cents per share, the companies said.
Shares of Icoria closed at 18 cents on Monday in over-the-counter bulletin board trade.
Clinical Data said Icoria's biomarker discovery platform is an excellent fit with its molecualr diagnostics business model.
Based on the current share price of Clinical Data and including the impact of the expected acquisition of Genaissance Pharmaceuticals Inc. (GNSC.O: Quote, Profile, Research) , Icoria shareholders will own about 7.6 percent of the combined company, the companies said.
The acquisition is expected to close late this year or in early 2006, pending approval by Icoria shareholders. (Reporting by Tuhin Kar in Bangalore)
Boy, that was a little hairy--I owned it at 17.5
cents and for several weeks was underwater.
Current price seems a perfectly good price to
give the shares up, considering gnsc at first
glance looks somewhat broke. I bought some dpii
with the proceeds, fwiw.