Biotage’s $21.5 Million Acquisition of PhyNexus

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).

Involved fees earner: Nancy Chen – Orrick; Scott Iyama – Orrick; Steven Malvey – Orrick; Richard Smith – Orrick;

Law Firms: Orrick;

Clients: PhyNexus Inc.;

Author: Ambrogio Visconti