Affinity deal

AFBI (Aston, Penn.) reached a definitive agreement under which Bio-Pharm Clinical Services Inc. will merge into AFBI. Under the merger, announced on Dec. 2., current Bio-Pharm shareholders will receive about 6.2 million newly issued AFBI shares.

Three institutional investors have made commitments to take equity positions totaling $4 million in Bio-Pharm at or immediately prior to the merger, AFBI said, with the Bio-Pharm securities to be converted to an additional 1.2 million shares of AFBI. S. R. One Ltd. will invest $1.3 million, CIP Capital L.P. will invest $1.3 million and the T. Rowe Price New Horizons Fund will invest $1.5 million. ...