Affymetrix Acquires Panomics
Panomics’ products include QuantiGene branched DNA technology for gene expression analysis and Procarta protein expression profiling assays for use with Luminex’s XMAP system. Like the acquisition of USB (see IBO 12/31/07), this acquisition expands Affymetrix’s products for low and mid-plex applications, a market that Affymetrix has characterized as worth $2 billion and growing at more than 15% per year.
Santa Clara, CA 11/11/08—Affymetrix has agreed to acquire Panomics, a provider of assay products, for $73 million in cash. Panomics offers products for low to mid-plex genetic, protein and cellular analysis applications that enable a direct assay approach that does not require nucleic acid extraction or amplification. “Panomics presented a great opportunity for Affymetrix to enter new high-growth market segments, enhance our recently acquired liquid array platform and create further operating leverage,” said Affymetrix President Kevin King. “As one company, we will be able to serve a much larger customer base around the world with a broader product portfolio that offers a more complete analysis workflow, enabling customers to perform experiments not possible on any other platform.” The transaction is expected to close by the end of the year.
