Cell Biosciences Agrees to Third Acquisition
According to Cell Biosciences, more than 320 of Convergent Bioscience’s systems have been purchased to be used for quality control during biologics production. Cell Biosciences’s existing investors includes the Wellcome Trust and Novo A/S. In 2009, Cell Biosciences acquired Alpha Innotech (see IBO 9/15/09) and Protein Forest (see IBO 12/15/09).
Santa Clara, CA 10/13/10—Cell Biosciences has agreed to acquire Convergent Bioscience for $12 million in cash. Convergent Bioscience provides systems based on imaging capillary electrophoresis for quality control measurements during protein biologics production. Based in Toronto, Canada, Convergent Bioscience has 45 employees and is expected to have 2010 revenues of close to $8 million. “Our NanoPro systems and the Convergent iCE280 are based upon similar technologies, but each platform has been optimized for distinct applications in distinct markets,” stated Tim Harkness, president and CEO of Cell Biosciences. “We expect to realize immediate synergies across both organizations, ultimately leading to groundbreaking next-generation products for our customers.” The acquisition is expected to close by the end of October. In connection with the acquisition, Cell Biosciences has entered into agreements to raise $20 million in a Series F Preferred Stock financing.
