Biotage AB (OM:BIOT) entered into agreement to acquire PhyNexus Inc. from Doug Gjerde and others for $21.5 million on December 4, 2018. The consideration will be on debt free and cash free basis and will be adjusted for actual net debt at the closing date. Approximately $10 million of consideration will consist of expected future payments for the years 2019 to 2023 that will be based on future results. The remaining purchase price of approximately $11.5 million will be paid at the closing and comprise of approximately $6.6 million in 0.49 million newly issued shares in Biotage and approximately $4.9 million in cash. Additional shares may be issued in connection with post-closing price adjustments and additional payments. The transaction will be financed through a combination of 0.49 million newly issued shares in Biotage and existing cash at hand. Issuance of new shares will be resolved upon by the Board of Directors of Biotage in connection with closing of the transaction and will be made pursuant to an authorization granted by the Annual General Meeting 2018. PhyNexus reported net sales of $3.1 million in 2017 and EBIT of -$0.1 million. The transaction is subject to customary closing conditions and is expected to be completed in January 2019. Biotage AB (OM:BIOT) completed the acquisition of PhyNexus Inc. from Doug Gjerde and others on January 15, 2019.