Hyseq and Variagenics Announce Merger

Citing the benefits of integrating their separate assets into a product-focused organization, Hyseq Pharmaceuticals, Inc. (Sunnyvale, CA, USA) and Variagenics, Inc. (Cambridge, MA, USA) have announced an agreement to merge in an exchange of stock that represents a purchase price for Variagenics of around US$55.9 million.

The new company will be headquartered in Sunnyvale, CA, the site of Hyseq's clinical operations and biotherapeutic research and discovery programs. The molecular diagnostics development program of Variagenics will continue in Cambridge, MA. Hyseq's current chairman, Dr. George Rathmann, will assume the chairmanship of the new company's board of directors.

Assets of the two companies include a novel acting thrombolytic, a biotherapeutic drug development pipeline based on human gene sequences, a cancer diagnostics program, and a proprietary SNP database to support molecular diagnostics.

"The new organization will leverage its substantial cash position to support the development of Hyseq's novel thrombolytic called alfimeprase, Variagenics' cancer diagnostics program, and other near-term revenue generating opportunities,” said Dr. Ted W. Love, president and CEO of Hyseq.




Related Links:
Hyseq
Variagenics