Rosetta Genomics Ltd. completed the sale of its PersonalizeDx business to Genoptix Inc. for $1 million in cash on March 2.
The divestiture is part of Genoptix's proposed merger with Rosetta for $8 million in cash.
The purchase price for the merger is expected to be between 40 cents and 45 cents in cash for each ordinary share of Rosetta, after deducting expected payments for outstanding debt, convertible debentures, warrant termination payments, professional fees, expenses and other items.
The deal has been approved by the boards of both companies and is expected to close during the second quarter of 2018, subject to customary closing conditions and approval by Rosetta's shareholders at an extraordinary meeting of shareholders scheduled for April 6.
After the closing of the deal, trading in shares of Rosetta on the Nasdaq Capital Market will cease and Rosetta will become a unit of Genoptix.
Rosetta terminated the planned merger with Genoptix in February after failing to secure majority shareholder approval for the deal, but Genoptix indicated that it remained interested in pursuing alternative options to consummate a transaction with Rosetta.
