Higher offer leads Affymetrix to discuss Origin Technologies takeover bid

24 March 2016

Origin Technologies’ increased offer to take over US gene-testing company Affymetrix (Nasdaq: AFFX) will lead to talks between the two parties, it has been announced.

Earlier this week Affymetrix snubbed an earlier $1.5 billion bid from Origin Technologies, confirming its continued commitment to a merger with biotech product development company Thermo Fisher Scientific (NYSE: TMO).

The Pharma Letter reported that Affymetrix’s board had reviewed the initial offer which would see stockholders receive $16.10 per share in cash, and on rejecting it stated that Origin Technologies appeared to be a newly-formed entity with no assets which would seemingly fund the takeover through potential debt commitments.

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