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PerkinElmer Files Suit Against Genomic Solutions.

Ann Arbor, MI 2/14/01 and 2/15/01--Genomic Solutions announced that PerkinElmer has filed suit against it, seeking to clarify its "call right" to redeem all shares of Genomic Solutions that it does not own. According to Genomic Solutions, the suit alleges that "Genomic Solutions has sought to improperly impede or terminate PerkinElmer's call right, and to impose an improper financial penalty upon an exercise by PerkinElmer of that right,." PerkinElmer is seeking to exercise its holding in the company in response to a planned transaction between Genomic Solutions and an unnamed third party. Completion of the transaction would void PerkinElmer's call rights, unless it exercises them. Genomic Solutions commented that the suit does not affect is distribution agreement with PerkinElmer Life Sciences. Genomic Solutions has filed a motion for summary judgment seeking the dismissal of the suit.

The court filing is sealed, thus all the details of the case are unknown at this time. However, the suit raises interesting questions about the value of small life science companies such as Genomic Solutions to an investor such as PerkinElmer. In such a competitive marketplace, and with a low stock price, Genomic Solutions could be trying to secure its financial fooling, either by making PerkinElmer exercise its option or by seeking another investor.
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Comment:PerkinElmer Files Suit Against Genomic Solutions.
Publication:Instrument Business Outlook
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 15, 2001
Words:214
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