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Tue, Jan. 26, 7:38 PM
- Venaxis (NASDAQ:APPY) intends to merge with privately held Indian genomics firm Strand Life Sciences Private Limited. Assuming 100% participation from Strand shareholders, Strand will own 68% of the combined company, Strand Life Sciences, and Venaxis shareholders will own 32%.
- To comply with certain long-term holding period requirements under Indian tax law, the transaction will be completed in two closings. The first will happen after the Venaxis shareholders approve the deal, the receipt of all other approvals and the satisfaction of closing conditions. The second will occur about six months later. At each closing, Venaxis will enter into resale registration rights agreements with the Strand shareholders participating in the closing.
- Venaxis will continue its efforts to secure a partner to advance the development and commercialization of its appendicitis portfolio.
- Strand Executive Chairman Dr. Vijay Chandrou will serve as Executive Chairman of the combined firm with Venaxis' chief Steve Lundy serving as CEO and Jeff McGonegal as CFO.
- Management will host a conference call tomorrow morning at 8:30 am ET to discuss the deal.
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