Caliper to Buy Cambridge Research & Instrumentation
CRi’s headquarters and manufacturing operations will be consolidated with Caliper’s operations. Of CRi’s 49 employees, 75% will be offered employment with Caliper. In its conference call, Caliper stated that the purchase is part of its reconfiguration as a personalized medicine company. The acquisition enables Caliper to enter the histopathology market. CRi’s technology provides multispectral imaging for tissue analysis. CRi’s current customer base is 60% research and 40% clinical research and it has over 700 system installations. Tissue analysis and in vivo imaging account for 50% and 25% of sales, respectively.
Hopkinton and Woburn, MA 12/9/10—Life science instrument provider Caliper Life Sciences has agreed to acquire Cambridge Research & Instrumentation (CRi) for $20.0 million. CRi develops and markets preclinical and tissue-based multiplexed analysis systems. The company is expected to have 2010 revenues of $12.0 million. Caliper stated that the technology should deliver a growth rate of more than 20% upon reconfiguration and integration. “This acquisition extends the reach of Caliper’s proprietary offerings along the in vitro to in vivo bridge by filling the gap in tissue analysis platforms,” stated Kevin Hrusovsky, president and CEO of Caliper Life Sciences. “Similar to the approach we used in our successful commercialization of other disruptive technologies such as microfluidic LabChips and whole animal optical imaging systems, we see an opportunity to leverage CRi’s advanced multiplex technology towards unmet needs in a rapidly changing market, in this case the billion-dollar tissue imaging and digital pathology clinical research market.” Caliper will issue common stock valued at $10.5 million, pay $7.5 million in cash and assume CRi’s indebtedness of $2.0 million. The transaction is expected to be EBITDA accretive in 2011 and to provide synergy cost benefits of $2.5–$3.0 million per year.
