Wednesday, September 13, 2006

Infinity completes it move to public markets through absorption of Discovery Partners

Cambridge's Infinity Pharmaceuticals Inc. has completed its acquisition of Discovery Partners International Inc. a San Diego-based publicly traded company.

The deal, previously reported as worth about $100 million, will make Infinity Pharmaceuticals a publicly traded company, as of the start of trading today on the Nasdaq Global Market under the symbol "INFI."

In connection with the deal, DPI executed a 4-to-1 reverse stock split of its common stock. As a result of the deal and the reverse stock split, the newly-public Infinity has approximately 19.4 million shares issued and outstanding, of which approximately 66 percent are held by prior Infinity stockholders and approximately 34 percent are held by DPI stockholders.

Infinity's existing management will remain in place running the new entity, which will retain no Discovery Partners operations or programs, according to company executives.

The company's board of directors includes nine members from the former Infinity board of directors and three members coming from the DPI board of directors. The DPI directors who will continue on the board are Harry Hixson Jr., Michael Venuti and Herm Rosenman. The Infinity directors who will serve on the board of the combined company are Chairman Steven Holtzman, Vicki Sato, Ronald Daniel, Anthony Evnin, Eric Lander, Patrick Lee, Arnold Levine, Frank Moss, and James Tananbaum.