Chinese Firm Buys MS Company
The purchase price was $28 million, according to Bohui. Advion has 55 employees. Regarding clinical applications of Advion’s expression Compact Mass Spectrometer technology (CMS), Advion CEO Dave Patteson told IBO, “Advion had been developing a number of clinical diagnostic applications on its own for the CMS, but Bohui has identified a number of other novel diagnostic applications, which the combined company will exploit based upon a new platform we cannot yet divulge.” Bohui had 2014 sales of CNY 100.97 million ($16.4 million = CNY 6.16 = $1).
Ithaca, NY 6/5/15—Advion, a supplier of MS systems and life science consumables, has agreed to be acquired by Bohui Innovation Technology, a publicly traded Chinese firm that develops, manufactures and supplies diagnostics systems. “Bohui intends to fully fund Advion’s R&D projects to strengthen its market position and to promote Advion’s products in the Chinese market,” stated Bohui CEO Lu Xinqun. “Advion’s strong pres-ence in North America and the EU also allow for Bohui to gain a more balanced global footprint. Advion’s academic and life science focus is a perfect pairing with Bohui’s traditional markets and clinical presence.” Ad-vion will retain all employees, its name and its location. The acquisition is expected to close on June 30.
