Reached en route to Seattle where he was due to address Epoch staff members, Nanogen CEO Howard Birndorf told
"We thought it was a really good fit and so did they," Birndorf said. "Hence the announcement today."
Epoch shareholders will be paid $2 worth of Nanogen stock per share–a 12% premium over yesterday's closing price of $1.78 and 30% above the average price for the 30 days ending September 1–for a total of about $58 million. The acquisition, which is expected to take place by the end of 2004,...