Sequenom begins exchange offer for Exact Sciences; set to end March 24

By Lisa Kerner

Charlotte, N.C., Jan. 27 - Sequenom, Inc. began its $41 million all-stock exchange offer for Exact Sciences Corp. in which each share of Exact Sciences is exchangeable for $1.50 in Sequenom common stock.

A 15% collar fixes the exchange ratio if the price of Sequenom common stock used to establish the exchange ratio is more than $28.06 per share or is less than $20.74 per share, according to a Sequenom news release.

Sequenom said the offer is set to end at 5 p.m. ET on March 24.

The exchange offer is conditioned on a minimum tender of at least 75% of Exact Sciences' outstanding shares.

"We remain hopeful that Exact Sciences' board will ultimately recognize the value inherent in a combination of the two companies and work directly with us to complete a transaction," Sequenom president and chief executive officer Harry Stylli, Ph.D., said in the release.

Stylli said the exchange offer will be terminated if Exact Sciences enters into any out-licensing agreement, collaboration or financial restructuring.

Information agent for the offer is Innisfree M&A Inc. (877 825-8621).

Sequenom is a San Diego-based genetic analysis products company.

Exact Sciences, based in Marlborough, Mass., develops screening technologies for cancer detection.

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