Variagenics board turns down rival bid:
This article was originally published in Clinica
The board of directors of Variagenics, the molecular diagnostics firm that has agreed to a merger with biotech firm Hyseq Pharmaceuticals, has expressed its opposition to a rival bid. Acacia Research Corporation, a company which invests in technology and life science businesses, is offering a stock-for-stock deal under which it proposed to integrate Variagenics into its CombiMatrix life science biochip subsidiary. Variagenics' directors believe that the future business model with Hyseq as a biotherapeutic/diagnostic product company has more potential than CombiMatrix's research tool focus.