It’s less than 10 days before Christmas, but San Diego’s life sciences community doesn’t seem to be ready for vacation. The business news wires have been crackling with reports of buyouts, rumored buyouts, deals, and major product launches. Fortunately, we’re here to sort it all out for you.
—As corporate courtships go, the unsolicited offer by New York’s Ramius group for San Diego’s Cypress Bioscience (NASDAQ: CYPB) was more tempestuous than romantic. But Ramius finally came up with a proposal that swept Cypress off its feet. At $6.50 a share, the hedge fund’s $255 million offer was 63 percent higher than the original proposal of $4 a share five months ago, and about 160 percent higher than Cypress’ share price of $2.50 on July 16, before the Ramius offer became public.
—Is Genoptix (NASDAQ: GXDX) negotiating with a secret suitor who wants to buy the Carlsbad, CA, medical diagnostic company? Bloomberg News reported that Genoptix has hired Barclays, the British investment bank, and buyout speculation has been driving the company’s stock higher. Genoptix runs a centralized laboratory that performs tests on blood samples of patients with blood disorders and cancers.
—Another Carlsbad company, Life Technologies, (NASDAQ: LIFE) has started selling what it calls the Ion Personal Genome Machine, a molecular diagnostic instrument for sequencing genomes. The first commercial sequencing machine uses semiconductor technology, rather than imaging, to sequence genes, and was developed by Ion Torrent Systems of Guilford, CT. The machine sells for a shade under $50,000, about one-tenth the price of today’s most high-powered gene sequencing instruments.
—San Diego’s Avalon Ventures has put about $1 million in funding to launch RQx Pharmaceuticals, which plans to develop a … Next Page »