Enzo Biochem, Inc. To be Acquired by Battery Ventures in All-Cash Transaction

Core Viewpoint - Enzo Biochem, Inc. has entered into a Merger Agreement with Battery Ventures, which will acquire Enzo for $0.70 per share in cash, totaling approximately $37 million, following a strategic review to maximize shareholder value [1][2][3]. Summary by Sections Merger Agreement - The Merger Agreement was signed on June 23, 2025, and Battery Ventures will acquire Enzo for $0.70 per share, amounting to about $37 million [1]. - The purchase price represents a 75% premium over Enzo's closing price on April 22, 2025, and a 32% premium over the closing price on June 23, 2025 [2]. Strategic Committee Insights - The Board of Directors, through the Strategic Committee, conducted a thorough evaluation of options to maximize shareholder value and unanimously agreed that the all-cash offer from Battery provides immediate and compelling value [3]. - The transaction is subject to customary closing conditions, including shareholder approval, and is expected to close in the third quarter of the calendar year [3]. Post-Merger Status - Upon closing, Enzo will become a privately held company, and its shares will no longer be listed on public exchanges [4]. - BroadOak Capital Partners served as the financial advisor, and BakerHostetler LLP acted as legal counsel for the transaction [4]. Company Overview - Enzo Biochem has been a life sciences company for over 45 years, primarily operating through its Life Sciences division, focusing on labeling and detection technologies [5]. - The company offers a comprehensive portfolio of products, including antibodies, genomic probes, assays, biochemicals, and proteins, which are essential in translational research and drug development [5].