Exact Sciences rejects Sequenom acquisition offer

By Associated Press
January 12, 2009 | Comments (0)

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Cancer test maker Exact Sciences Corp. said Monday its board unanimously rejected an acquisition offer by Sequenom Inc.

Genetic analysis product maker Sequenom said Friday it had offered to buy Exact Sciences for $41 million. San Diego-based Sequenom said it believed Exact Sciences' cancer tests fit well with Sequenom's MassArray genetic research systems and other DNA tests.

Exact Sciences said in a brief statement it was pursuing a "strategic alternative" that its board believes will offer greater value to shareholders than the Sequenom deal. The statement did not elaborate.

The Sequenom deal valued Exact Sciences shares at $1.50.

Exact Sciences shares rose more than 50 percent, or 51 cents, to $1.50 in trading Monday, while Sequenom stock fell 3 percent, or 73 cents, to $22.29.

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12/3/2009 2:46 PM
EXAS $2.57 Up +0.06 +2.39%
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