Enzo Biochem To Be Acquired By Battery Ventures For Around $37 Mln

(RTTNews) - Enzo Biochem, Inc. (OTCQX: ENZB), a biotechnology company, said that it has inked a deal to be acquired by Battery Ventures, a technology-focused investment firm, through its newly formed entity Bethpage Parent, Inc., for $0.70 per share in cash, or a total consideration of around $37 million.

The purchase price represents a premium of 75% to the company's closing price on April 22 and a premium of approximately 32% to the closing price on June 23.

Steven Pully, Chairman of the Strategic Committee, said: "This transaction is the outcome of a thorough process to evaluate all potential paths to maximize shareholder value. After careful consideration, the Board unanimously determined that the all-cash offer from Battery delivers immediate and compelling value for our shareholders."

The transaction is expected to close in the third quarter of this calendar year.  

Post-transaction, Enzo Biochem will be privately held, and shares will no longer be listed.