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NEW YORK (TheStreet) -- Affymetrix (AFFX) stock is down by 0.60% to $15.02 on heavy trading volume early Thursday afternoon, as the company said it will engage in discussions with Origin Technologies Corp. after the prospective buyer raised its offer to $17 per share.

Madison, AL-based Origin must draft a merger agreement and other transaction documents containing the specific terms of its proposal, Affymetrix said in a statement released late yesterday evening.

Origin must also complete copies of certain funding and financing documents and detail its plans to obtain all regulatory approvals that are required or will be sought, including from the Committee on Foreign Investment in the U.S (CFIUS).

The company rejected Origin's previous offer of $16.10 per share.

"The Affymetrix Board continues to recommend that its stockholders vote in favor of the adoption of the merger agreement with Thermo Fisher Scientific (TMO). There can be no assurance as to the outcome of any discussions with Origin," the Santa Clara, CA-based company added.

The provider of life science and molecular diagnostic products has not determined if the Origin proposal is "superior" to the merger agreement with Thermo Fisher.

Earlier this year, Affymetrix announced that it will be acquired by Thermo Fisher for $1.3 billion.

About 2.58 million of Affymetrix's shares were traded so far today compared to its average volume of 1.72 million shares per day.

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Thermo Fisher stock is lower by 0.32% to $138.37 on Thursday afternoon.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

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.

As a counter to these strengths, the team also finds weaknesses including unimpressive growth in net income and weak operating cash flow.

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.

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

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