Affymetrix, eBioscience Amend $315M Merger Agreement

Affymetrix, Inc., (Nasdaq: AFFX) and eBioscience, Inc., have amended their existing definitive agreement dated November 29, 2011 under which Affymetrix will acquire eBioscience. Under the terms of the amended agreement, Affymetrix will acquire eBioscience for $315 million in cash subject to usual adjustments. The transaction remains subject to customary closing conditions and is now expected to close late in the quarter ending June 30, 2012.

The amended agreement contemplates funding the acquisition using a combination of cash-on-hand, a senior secured financing of $75 million and additional financing options available to the Company. The senior secured financing, which includes an additional $15 million revolving credit facility, is being provided by a group of lenders led by administrative agent GE Healthcare Financial Services Inc. and Silicon Valley Bank.

As previously announced, Affymetrix, which is headquartered in Santa Clara, expects to maintain eBioscience's management team and operations in San Diego.

Houlihan Lokey, Inc. is acting as exclusive financial advisor to Affymetrix and Davis Polk & Wardwell LLP is acting as legal counsel to Affymetrix in the transaction. Jefferies & Company, Inc. is acting as exclusive financial advisor to eBioscience and DLA Piper LLP is acting as eBioscience's legal counsel in the transaction.

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