Biotech Co. Affymetrix Pays $96M To End Investor Suit

Law360, New York (January 25, 2012, 9:19 PM EST) -- Affymetrix Inc. agreed Saturday to repurchase $95.5 million in bonds from investment firm Tang Capital Partners LP and others to settle a putative class action accusing the biotechnology company of stiffing bondholders in order to finance its proposed $330 million purchase of eBioscience Holding Co. Inc.

The figure represents the face value of the notes, which Tang Capital had claimed were being used as collateral by Affymetrix in order to borrow $190 million to finance the acquisition, a fact the company allegedly withheld from bondholders. Affymetrix...
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