Orrick has advised Silicon Valley-based PhyNexus on its acquisition by Biotage AB (Nasdaq Stockholm: BIOT.ST)
Biotage AB (Nasdaq Stockholm: BIOT.ST), a Swedish public company which is a global supplier of instruments and consumables for analytical, organic and peptide chemistry.
The total purchase price is $21.5 million financed by Biotage through a combination of newly issued shares in Biotage (to be listed on the Stockholm NASDAQ) and existing cash on hand.
PhyNexus predominantly has sold its products to its near-by U.S. home market, generating sales of $3.1 million in 2017. PhyNexus had 14 full-time employees in November 2018.
This cross border transaction is expected to be completed in January 2019 and is subject to customary closing conditions.
The Orrick team was led by M&A and private equity partner Richard V. Smith and included Scott Iyama (Technology Companies), Stephen Chao (M&A and private equity), Nancy Chen (compensation and benefits) and Steve Malvey (tax).
Law Firms: Orrick;
Clients: PhyNexus Inc.;