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NEW YORK (TheStreet) -- Affymetrix (AFFX)  stock is down 8.32% to $14.66 in pre-market trading on Monday after the company rejected a $1.5 billion takeover bid from Origin Technologies Corp. 

The company determined that Origin's offer was not a "superior proposal" compared to Thermo Fisher Scientific's (TMO) offer earlier this year to acquire the company for $1.3 billion.  Origin is a genomics company that was recently created by former Affymetrix executives.

Origin's offer fell short of what would be required to complete the transaction, Affymetrix said in a statement. 

"The board of directors notes that Origin appears to be a newly-formed shell entity with no assets of which Affymetrix is aware, and whose sole source of funding for the proposed transaction is $1.5 billion in potential debt commitments," the company said in a statement. 

Based in Santa Clara, CA, Affymetrix provides life science and molecular diagnostic products.

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Thermo Fisher stock is up 0.01% to $140.01 in pre-market trading on Monday.

Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and weak operating cash flow.

You can view the full analysis from the report here: AFFX

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