Incyte to Acquire Hexagen
UK Company Brings Genetics Technology to
Newly Formed Incyte Pharmacogenetics Business Unit
PALO ALTO, Calif., Aug. 17 -- Incyte Pharmaceuticals, Inc.,
(Nasdaq: INCY) announced today that it has entered into an agreement to
acquire Hexagen plc, a privately held company based in Cambridge, England.
Hexagen has developed leading edge technology for rapid discovery of single
nucleotide polymorphisms (SNPs). The identification of SNPs is of major
technological and commercial significance to the pharmaceutical industry
because they are believed to be important in determining an individual
patient's susceptibility to disease or response to drugs.
Hexagen will be a part of Incyte's new pharmacogenetics business unit,
Incyte Genetics, whose formation also was announced today. Under the terms of
the agreement, Incyte will offer, in exchange for all of Hexagen's
outstanding capital stock, $5 million in cash and approximately 1.0 million
shares of Incyte common stock. In addition, Incyte will assume Hexagen's
stock options which, if exercised, would amount to approximately 0.1 million
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