Tripos to Pay $57M for Pharsight to Enhance Product Portfolio and Service Business
Tripos has already gained the approval of shareholders representing 33% of common stock.!--h2>
Tripos plans on purchasing Pharsight for approximately $57 million in cash. The combined companies will provide software products and services for discovery, development, approval, and post marketing.
Certain directors, officers, and stockholders of Pharsight, representing approximately 33% of Pharsight's outstanding common stock, have reported that they will vote in favor of this transaction. The acquisition is expected to close in the fourth quarter of 2008.
Pharsight stockholders will receive $5.50 in cash for each outstanding share of common stock, about 37% over yesterday’s closing price. Pharsight’s value stock rose sharply today to open at $5.01.
“The fusion of the design and analysis tools from Tripos and Pharsight will allow us to bring greater value to our customers engaged in the pharmaceutical research and development process,” says Jim Hopkins, CEO of Tripos.
“The combination of Fluorotechnics, ETC, and GelCo enables us to provide a total solution for our customers as we transition to a top-tier player in the marketplace, especially in the field of proteomics,” states Greg Richardson, CEO of GelCo.