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...
