Sequenom has completed the sale of its Bioscience business to Agena Bioscience
May 31, 2014 (Newswire) - Keep a close eye on Sequenom, Inc. (SQNM). After the closing bell on Friday, the company reported that it has completed the sale of its Bioscience business to Agena Bioscience, Inc., a portfolio company of Telegraph Hill Partners.
Agena Bioscience also assumed certain liabilities related to the Bioscience business, which does not include any portion of SQNM's bank debt or convertible notes outstanding. The facility lease for its Bioscience location in San Diego was also assumed by Agena Bioscience.
The terms of the agreement provide for a purchase price of $31.8 million, subject to certain adjustments, and SQNM may also receive up to $4 million in contingent consideration upon the achievement of certain regulatory and sales milestones.
Furthermore, William Welch, President and Chief Operating Officer, and Carolyn Beaver, Vice President and Chief Accounting Officer, will present at the Jefferies 2014 Global Healthcare Conference on Tuesday, June 3, 2014 beginning at 2:00 p.m. ET in New York City to provide an overview of and update on the Company.
The presentation is expected to last approximately 30 minutes and will be webcast live through the "Invest" section of the SQNM Web site. An audio replay will be available for 30 days following the initial broadcast.
SQNM is a life sciences company committed to improving healthcare through revolutionary genomic and genetic analysis solutions. The company develops innovative technology, products and diagnostic tests that target and serve molecular diagnostic markets.
More about Sequenom, Inc. (SQNM) at www.sequenom.com
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