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Genomica Gives Up the Ghost

Less than two months after Genomica announced a change in strategic direction, resulting from disappointing market penetration of its third-party enterprise bioinformatics software, the company agreed to be acquired by Exelixis for $110 million in stock--precisely the amount of cash it was sitting on, making the deal in essence a back-door follow-on offering for Exelixis. The acquirer is therefore getting Genomica's software and technology base for a song, a fact that speaks volumes about the sustainability of a software-based bioinformatics business.

Less than two months after Genomica Corp. announced a change in strategic direction, resulting from disappointing market penetration of its third-party enterprise bioinformatics software, the company has agreed to be acquired by Exelixis Inc. for $110 million in stock. Not coincidentally, Genomica is sitting with precisely the same amount of cash, making the deal in essence a back-door follow-on offering for Exelixis, which gets Genomica's software and technology base for a song. And that fact speaks volumes about the sustainability of a software-based bioinformatics business.

In October, Genomica restructured, cutting its workforce by two-thirds to preserve both its position in the market and its cash...

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