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Biotech / Medical : Incyte (INCY) -- Ignore unavailable to you. Want to Upgrade?

To: Cytokine1 who wrote (543)	12/23/1997 8:52:00 PM
From: JF Quinnelly	Read Replies (1) \| Respond to of 3202

Incyte announced today that they are acquiring Synteni for 2.2 million shares. Incyte To Acquire Synteni Dec. 23, 1997 -- Palo Alto, California Incyte Pharmaceuticals, Inc., (Nasdaq: INCY) announced today that it has signed a definitive agreement to acquire Synteni, Inc., a privately held gene expression microarray company based in Fremont, California. Founded in 1994 by Dari Shalon, Ph.D., and subsequently funded by the venture capital firm Kleiner, Perkins, Caufield & Byers, Synteni has developed and commercialized technology for generating microarrays and related software and services. Synteni provides microarray services non-exclusively to the pharmaceutical, biotechnology, and agricultural industries. Incyte plans to use this technology to make pre-fabricated microarrays for commercial applications in human, animal, microbial, and plant genomics. Incyte will issue approximately 2.2 million shares of common stock in exchange for all Synteni outstanding shares. The transaction, which is expected to close in January 1998, is intended to qualify as a tax-free reorganization and to be accounted for as a pooling of interests. Synteni will maintain its facilities and operations in Fremont, California and will become the primary microarray manufacturing site for the combined companies. Dari Shalon, Ph.D., will continue as President of Synteni, reporting directly to Roy A. Whitfield, Chief Executive Officer of Incyte. Together, Synteni and Incyte will have over 100 employees in R&D, Manufacturing, Sales, and Support dedicated to providing full-service microarray solutions including DNA chips and databases to the pharmaceutical and biotechnology industries. The combined effort will focus initially on building a set of human DNA microarrays containing Incyte genes which can be used to investigate the complexity of biology and disease. "This acquisition is consistent with Incyte's open systems strategy to develop and partner across multiple microarray platforms to serve the diverse customer requirements of the medical research community," said Roy A. Whitfield Chief Executive Officer of Incyte. "Synteni's technology will enable us to offer our customers pre-fabricated microarrays containing panels of genes selected from all of our various database modules in a commercially available format. Furthermore, Synteni provides us with R&D, manufacturing, and sales support for expansion of our piezoelectric (Genejet[TM]) technology developed through the acquisition of Combion in 1996." "The shared vision of Incyte and Synteni is to provide to customers an integrated system including genetic and expression information within an overall R&D productivity environment," said Brook H. Byers, Chairman of Synteni. "This merger combines complementary technologies, customer sets, and teams." Synteni's lead product is the GEM[TM] array, or Gene Expression Microarray. Each GEM array consists of up to ten thousand genes densely arrayed on a glass surface. GEM arrays are capable of analyzing thousands of genes in a single experiment by probing with fluorescently tagged DNA or RNA from a biological sample. The combined technology platforms will allow Synteni to put Incyte's genes on a microarray for direct sale to the pharmaceutical community as well as to build large gene expression databases. Synteni has over 20 customers, many of which are Incyte database collaborators. "By working together, Synteni and Incyte will enhance the value of the products and services offered to our new and existing customers," said Dari Shalon, President of Synteni. "Together, Incyte and Synteni will work to accelerate the development of new microarray products and applications."

To: Cytokine1 who wrote (543)	12/24/1997 2:32:00 AM
From: George Sepetjian	Respond to of 3202

Rebound on the news. It appears Wall Street did the reverse of the slogan "buy the rumor-sell the news" & instead sold the rumor on monday & then bought back in with the "news" reporting on tuesday. This is a very nervous market. No sector seems immune except utilities. Any thoughts on INCY business practice of not revealing the terms of an agreement when a contract is signed? Is this standard operating procedure for most businesses? It couldn't possibly help analysts evaluate a company business-not that they don't make mistakes.