Affymetrix to Acquire Panomics
November 11 2008 - 9:00AM
Business Wire
Affymetrix Inc. (Nasdaq:AFFX) announced today that it has entered
into a definitive agreement to acquire Panomics Inc., a privately
held Fremont, Calif.-based company that offers a powerful suite of
assay products for a wide variety of low to mid-plex genetic,
protein and cellular analysis applications. The acquisition will
strengthen Affymetrix� position in high-growth validation and
routine-testing market segments. The combination will also enable a
more complete customer workflow, beginning with whole-genome
Affymetrix microarray studies and then focusing on genes and
proteins of interest with the Panomics products. Panomics has grown
rapidly with a number of easy-to-use low to mid-plex products that
can currently run on an installed base of more than 5,600
instruments worldwide. These products work on a broad range of
sample types and offer a direct assay approach with high
sensitivity and specificity. The assays do not require nucleic acid
extraction or amplification, which streamlines customer workflows
for applications including gene expression, copy number and
cytogenetics. The products will complement the recently acquired
liquid array technology, enabling Affymetrix to address low to
mid-plex genetic analysis requirements more effectively in the
future. �Panomics presented a great opportunity for Affymetrix to
enter new high-growth market segments, enhance our recently
acquired liquid array platform and create further operating
leverage,� said Kevin King, president of Affymetrix. �As one
company, we will be able to serve a much larger customer base
around the world with a broader product portfolio that offers a
more complete analysis workflow, enabling customers to perform
experiments not possible on any other platform.� �We are very
excited to join such a respected and innovative organization like
Affymetrix,� said Frank Witney, Ph.D., president and CEO of
Panomics. �Our patented technology is very complementary to
Affymetrix� current product portfolio and we look forward to
rolling out new integrated genetic analysis solutions in the
future.� Under the terms of the agreement, Affymetrix will pay
approximately $73 million in cash to acquire Panomics. The
transaction is expected to close by the end of 2008, subject to
customary closing conditions and regulatory approvals. Affymetrix
will discuss the impact of this acquisition during the fourth
quarter and fiscal 2008 year-end earnings call. About Panomics
Panomics is a privately-held life science company that offers a
platform of reagents and products that enable the multiplex
measurement of molecular events, such as intracellular pathway
analysis, cell signaling and gene expression profiling, in a
quantitative and scalable manner. Panomics has grown rapidly on the
value of its proprietary branched DNA technology for gene
expression analysis in cell-based assays, as well as our signal
transduction and transcription factor assays. Formerly named
Genospectra, Panomics was founded in 2000 and is based in Fremont,
CA. For more information, please visit: www.panomics.com. About
Affymetrix Affymetrix GeneChip� microarray technology is the
industry-standard tool for analyzing complex genetic information.
After inventing microarray technology in the late 1980s, Affymetrix
scientists have been dedicated to developing innovative products
that provide researchers with a more complete view of the genome.
These products continue to accelerate genetic research and enable
scientists to develop diagnostics and tailor treatments for
individual patients by identifying and measuring the genetic
information associated with complex diseases. Today, Affymetrix
technology is used by the world�s top pharmaceutical, diagnostic
and biotechnology companies, as well as leading academic,
government and not-for-profit research institutes. More than 1,800
systems have been shipped around the world and more than 14,000
peer-reviewed papers have been published using the technology.
Affymetrix is headquartered in Santa Clara, Calif., and has
manufacturing facilities in Sacramento, Calif., Cleveland, Ohio,
and Singapore. The company has about 1,100 employees worldwide and
maintains sales and distribution operations across Europe and Asia.
For more information about Affymetrix, please visit:
www.affymetrix.com. Forward-looking Statements All statements in
this press release that are not historical are �forward-looking
statements� within the meaning of Section 21E of the Securities
Exchange Act as amended, including statements regarding Affymetrix�
�expectations,� �beliefs,� �hopes,� �intentions,� �strategies� or
the like. Such statements, including Affymetrix� expectation that
the transaction is expected to close by the end of 2008,
Affymetrix� financial expectations and Affymetrix� expectations
that the transaction will accelerate product development and
commercialization and drive microarray sales, are subject to risks
and uncertainties that could cause actual results to differ
materially for Affymetrix from those projected. These risks and
uncertainties include, but are not limited to: (i) the possibility
that the companies may be unable to obtain regulatory approvals
required for the merger; (ii) the inability of Affymetrix to
successfully integrate Panomics� business into its existing
business in a timely and non-disruptive manner; (iii) the inability
of Affymetrix to achieve expected synergies from the transaction,
including revenue synergies; (iv) difficulty in retaining Panomics�
employees following the transaction, including key personnel; (v)
unexpected costs and charges associated with the acquisition,
including the write-off of intangible assets; (vi) the possibility
of an adverse impact to Affymetrix� and Panomics� businesses as a
result of the acquisition or uncertainty surrounding the
acquisition; and (vii) other risks described in Affymetrix� Form
10-K for the year ended December 31, 2007, and other SEC reports,
including its Quarterly Reports on Form 10-Q for subsequent
quarterly periods. Affymetrix expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Affymetrix� expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based. NOTE: Affymetrix, the Affymetrix logo and GeneChip� are
registered trademarks owned or used by Affymetrix Inc.
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