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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio
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To: tuck who started this subject12/8/2001 12:41:13 PM
From: tuck   of 1005
 
This is not a surprise:

>>LOS ANGELES, Dec 7 (Reuters) - Genomica Corp. (NasdaqNM:GNOM - news) said on Friday that it is being sued by a shareholder who alleges that the board of gene analysis software company breached its fiduciary duty in agreeing to sell the company to Exelixis Inc.

Drug discovery firm Exelixis agreed last month to acquire Genomica in a stock deal valued at $110 million, an amount near the company's asset value. As of Sept. 31, Genomica had more than $113 million in cash and marketable securities and total assets near $119 million.

Under the deal, Boulder, Colorado-based Genomica will be merged with a wholly-owned subsidiary of Exelixis, which is headquartered in South San Francisco, California.

Exelixis said Genomica's cash and investments would enhance its ability to move forward with drug discovery programs and the smaller company's software would be an important tool to manage data during the clinical development process.

Genomica said on Friday it was served with a complaint filed in a Boulder district court by Rudolf Liedtke, on behalf of himself and purportedly other shareholders, against the company, each of the current members of its board and one former director.

The company said it believes the allegations are false and the action is without merit, adding it intends to vigorously defend itself against the action.

Genomica's shares closed little changed at $4.41 on Nasdaq, while shares of Exelixis closed at $15.76.<<

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Cheers, Tuck
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