Sequana Message Board - Msg: 2621346

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Biotech / Medical : Sequana

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To: tonyt who wrote (308)	11/3/1997 7:53:00 AM
From: tonyt	of 337

SOUTH SAN FRANCISCO, Calif. -(Dow Jones)- Arris Pharmaceutical Corp. said Monday that it signed a definitive agreement to acquire Sequana Therapeutics Inc., La Jolla, Calif., in a stock swap valued around $166 million. The companies said Arris (ARRS) will issue 1.35 common shares for each Sequana (SQNA) common share. The combined company will be named AxyS Pharmaceuticals Inc. and will trade on the Nasdaq National Market System. The acquisition will be accounted for as a purchase. Arris expects a substantial charge related to in-process technology when the transaction is completed. The deal is expected to close in early 1998 and has been approved by the boards of both companies. Stockholders owning about 19% of Sequana's common shares outstanding agreed to vote their shares in favor of the merger. Arris researches and develops synthetic small molecule drugs. Sequana is a genetics research company. Copyright (c) 1997 Dow Jones & Company, Inc. All Rights Reserved.

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