Exact Sciences turns down Sequenom

January 13, 2009|Associated Press

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

Genetic analysis product maker Sequenom said Friday it offered to buy Exact Sciences for $41 million. Sequenom said it believed Exact Sciences' cancer tests fit well with its genetic research systems.

Exact Sciences said it was pursuing a "strategic alternative" it believes will offer greater value to shareholders than the Sequenom deal.

The Sequenom deal valued Exact Sciences shares at $1.50.

Exact Sciences shares rose 53.6 percent, or 53 cents, to $1.52. Sequenom stock fell 3.2 percent, or 73 cents, to $22.29.