PCR Firm SYGNIS to Buy Expedeon
SYGNIS’s 2015 sales grew 41.6% to €0.6 million ($0.7 million). Expedeon had 2015 sales of €2.5 million ($2.7 million) and is profitable, according to a conference call. Expedeon offers products for gel electrophoresis as well as protein fractionation, solubility, quantification and purification. The US accounts for 33% of sales. Heikki Lanckriet, PhD, head of Expedeon, will serve as co-CEO and CSO of the combined company. The transaction is expected to close in June.
Madrid, Spain and Heidelberg, Germany 5/9/16—SYGNIS, a publicly held provider of products for DNA sample enrichment and nucleic acid analysis, has agreed to acquire Expedeon through a majority share offering and €1.7 million ($1.9 million = €0.88 = $1) in cash. UK-based Expedeon develops, manufactures and sells proteomics reagents. The companies’ combined 2016 revenues are expected to total more than €5 million ($6 million = €0.90 = $1). “Expedeon’s experienced international sales force will help us execute our international sales and commercialization strategy,” stated SYGNIS CEO and CFO Pilar de la Huerta. “Expedeon has OEM deals in place already with leading reagent companies worldwide; these existing channels will enhance the demand for SYGNIS products in the US and Asian markets.” Related to the transaction, SYGNIS will issue up to 20.5 million shares to acquire the company and to raise €5 million ($6 million) in cash.
