Shareholders of Vivigen Inc. on Thursday approved theacquisition of the Santa Fe, N.M., genetic testing laboratory byGenzyme Corp. and its subsidiary, IG Laboratories Inc.,completing the $40 million transaction announced in July.
Vivigen shareholders will receive 0.3741 shares of Genzymestock (NASDAQ:GENZ) per Vivigen share (ASE:VIV).Approximately 963,900 Genzyme shares will be issued, theCambridge, Mass., company said.
The acquisition is a tax-free exchange and will be accounted foras a pooling of interest, Genzyme said.
Vivigen, which earned $1.2 million, or 47 cents a share, in 1991on revenues of $11.4 million, specializes in prenatal and cancergenetic testing. IG Laboratories (NASDAQ:IGLI) provides genetictesting services to physicians, hospitals, health maintenanceorganizations and social services.
"IG Laboratories and Vivigen working together will provide thevery best in quality new technology and service to customersin a rapidly expanding genetic testing marketplace," said HenriTermeer, president and chief executive officer of Genzyme.Genzyme's stock was up 25 cents per share on Thursday to$39.63. -- Jennifer Van Brunt
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