Nanogen Receives Court Approval to Acquire SynX Pharma - News Item

Nanogen, Inc. and SynX Pharma Inc. announced today that the Ontario Superior Court of Justice has approved the plan of arrangement for Nanogen to acquire SynX in an all-stock transaction.

SynX shareholders and debenture holders met in Toronto on April 15, where they overwhelmingly approved the transaction by 99.8% and 100% of the votes respectively.

The total consideration for the SynX common shares is fixed at approximately CDN$16.3 million. With approximately 11.4 million SynX shares and share equivalents outstanding, it is expected that each SynX common shareholder will be entitled to receive approximately CDN$1.426 per SynX share in Nanogen common stock. The exchange ratio will be determined on the closing date. At closing, Nanogen will acquire the existing CDN$3.5 million principal amount of subordinated secured debentures of SynX in exchange for shares of Nanogen common stock.

The closing of the transaction, which is currently scheduled for April 21, 2004, is subject to other regulatory approvals and other customary closing conditions.

Posted 19th April 2004

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Nanogen. (2013, June 11). Nanogen Receives Court Approval to Acquire SynX Pharma - News Item. AZoNano. Retrieved on December 11, 2023 from https://www.azonano.com/article.aspx?ArticleID=785.

  • MLA

    Nanogen. "Nanogen Receives Court Approval to Acquire SynX Pharma - News Item". AZoNano. 11 December 2023. <https://www.azonano.com/article.aspx?ArticleID=785>.

  • Chicago

    Nanogen. "Nanogen Receives Court Approval to Acquire SynX Pharma - News Item". AZoNano. https://www.azonano.com/article.aspx?ArticleID=785. (accessed December 11, 2023).

  • Harvard

    Nanogen. 2013. Nanogen Receives Court Approval to Acquire SynX Pharma - News Item. AZoNano, viewed 11 December 2023, https://www.azonano.com/article.aspx?ArticleID=785.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this article?

Leave your feedback
Your comment type
Submit