Biotage AB completed the acquisition all shares of privately held biotechnology company PhyNexus Inc. for about $21.4 million.

The board of Sweden-based Biotage has committed to issue 487,337 shares to PhyNexus shareholders.

Under the terms of the transaction, about $10 million of the $21.4 million purchase price will be paid in future additional purchase price payments for the years 2019 to 2023 that will be based on future results.

Biotage is a life science company that develops solutions for use in organic and analytical chemistry and for industrial applications.