Incyte Buys Synteni For $80M, Pfizer Extends Deal

6 January 1998

Incyte Pharmaceuticals has signed a definitive agreement to acquireSynteni Inc, a privately-held, gene expression microarray company based in Fremont, California, USA.

Under the terms of the transaction, which is expected to close in January, Incyte will issue some 2.2 million shares of common stock in exchange for all Synteni's outstanding shares. The deal is worth $80.3 million.

Roy Whitfield, Incyte's chief executive, said that the acquisition of Synteni's technology enabled his company to offer prefabricated microarrays in a commercially available format with genes selected from its various databases.

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