Affymetrix Completes eBioscience Acquisition
Funding for the acquisition included an $85 million term loan, around $100 million from the sale of convertible senior notes and available cash. In May, the company secured credit facilities totaling $100 million, which was a $10 million increase from the amount initially announced (see IBO 5/15/12). In 2011, eBioscience revenues grew 8.7% to $70.9 million (see page 12). Sales of flow cytometry reagents grew 7% to make up 60% of sales. Immunoassay sales grew 7% to make up 20%.
Santa Clara, CA 6/25/12—Microarray firm Affymetrix has completed its $315 million purchase of eBioscience, a provider of flow cytometry and immunoassay reagents for immunology and oncology research and diagnostics (see IBO 5/15/12). “Through the acquisition of eBio we now have a blue-chip portfolio of cell-based assays that diversify our business and open up important new avenues for growth,” commented Affymetrix President and CEO Dr. Frank Witney. “With eBio’s portfolio of profitable and growing flow cytometry and immunoassay reagents, the combined Company intends to provide novel molecular solutions that will allow us to penetrate sizable new markets.” Within Affymetrix, eBioscience will operate as a separate business unit and maintain its existing leadership team. The acquisition is expected to be accretive to gross margins and operating income in 2012.
