Hyseq Agrees to Purchase Variagenics

Hyseq Inc. of Sunnyvale agreed to buy Variagenics Inc. for about $55.9 million in stock to accelerate development of a drug to dissolve blood clots and develop other products.

Hyseq would exchange about 1.65 shares for each Variagenics share, the companies said. That values Variagenics, based in Cambridge, Mass., at $2.22 a share, more than double Friday’s closing price of 96 cents.

Shares of Hyseq fell 27 cents to $1.08 on Nasdaq.