SAN DIEGO, May 30, 2014 /PRNewswire/ -- Sequenom, Inc.
(NASDAQ: SQNM), a life sciences company providing innovative
genetic analysis solutions, today announced that it has completed
the sale of its Bioscience business to Agena Bioscience, a
portfolio company of Telegraph Hill Partners.
The terms of the agreement provide for a purchase price of
$31.8 million, subject to certain
adjustments, and Sequenom may also receive up to $4 million in contingent consideration upon the
achievement of certain regulatory and sales milestones. Agena
Bioscience also assumed certain liabilities related to the
Bioscience business, which does not include any portion of
Sequenom's bank debt or convertible notes outstanding. The facility
lease for its Bioscience location in San
Diego was also assumed by Agena Bioscience. All of the
current Bioscience employees will be offered employment by Agena
Bioscience.
"We are pleased to sell the business to Agena Bioscience and
Telegraph Hill Partners as they plan to invest in the growth of the
Bioscience business to achieve its full potential. This sale
strengthens our balance sheet, and will enable us to focus
exclusively on our Sequenom Laboratories business as we work toward
achieving profitability," said Harry F.
Hixson, Jr., Chairman and CEO of Sequenom.
The acquired business will continue to manufacture and sell the
MassARRAY® System, a proprietary mass spectrometry-based
genetic analysis instrument and associated products and services
that provide research and clinical investigators with economical
high multiplexing, high volume results, and precise quantification
in a well-established platform technology. The UltraSEEK™
chemistry, used on the MassARRAY System, will be featured at the
American Society of Clinical Oncology annual meeting in
Chicago, May 30 – June 3,
2014. UltraSEEK enables ultrasensitive somatic mutation
detection in plasma at <1%, providing a pivotal clinical
research tool for circulating tumor DNA and liquid biopsy
approaches. Agena Bioscience plans to expand the
business' product portfolio, address new diagnostic market
opportunities and broaden its global reach.
Jefferies LLC acted as exclusive financial advisor to Sequenom
in connection with this transaction.
About Sequenom
Sequenom, Inc. (NASDAQ: SQNM) is a life
sciences company committed to improving healthcare through
revolutionary genomic and genetic analysis solutions. Sequenom
develops innovative technology, products and diagnostic tests that
target and serve molecular diagnostic markets. Website:
http://www.sequenom.com/.
Forward-Looking Statements
Except for the historical
information contained herein, the matters set forth in this press
release, including statements regarding the Company's potential to
receive contingent consideration in connection with the achievement
of certain regulatory and sales milestones, future offers of
employment, the expected activities of the acquired business and
the plans of the new owners, the Company's expectations and ability
to focus exclusively on its Sequenom Laboratories business and work
towards achieving profitability, and the Company's commitment to
improving healthcare through revolutionary genomic and genetic
analysis solutions, are forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including the risks and uncertainties associated
with the Company's reliance on the buyer to achieve the regulatory
and sales milestones, market demand for and acceptance and use of
the Company's technology and laboratory developed tests, reliance
upon the collaborative efforts of other parties such as, without
limitation, healthcare providers, international distributors and
licensees, the Company or third parties obtaining or maintaining
regulatory approvals that impact the Company's business, government
regulation particularly with respect to diagnostic products and
laboratory developed tests, publication processes, the performance
of designed product enhancements, the Company's ability to develop
and commercialize technologies and products, particularly new
technologies such as noninvasive prenatal diagnostics, laboratory
developed tests, the Company's financial position, the timing and
amount of reimbursement that Sequenom Laboratories receives from
payors for its laboratory developed tests, the Company's ability to
manage its existing cash resources or raise additional cash
resources, competition, intellectual property protection and
intellectual property rights of others, litigation involving the
Company, and other risks detailed from time to time in the
Company's most recently filed reports on Form 8-K, and its most
recently filed Annual Report on Form 10-K/A and 10-K for the year
ended December 31, 2013, and other
documents subsequently filed with or furnished to the Securities
and Exchange Commission. These forward-looking statements are based
on current information that may change and you are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and the Company undertakes no obligation to
revise or update any forward-looking statement to reflect events or
circumstances after the issuance of this press release.
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SOURCE Sequenom, Inc.