Madrid, Spain and Heidelberg, Germany 5/8/17—SYGNIS, a supplier of technologies for molecular biology, has agreed to acquire Innova Biosciences for €8 million ($9 million = €0.88 = $1) in cash, 2 million in shares, and up to 1.5 million additional shares depending on milestones. Innova Biosciences develops, manufactures and commercializes labeling reagents, including the Lightning-Link product line. The companies expect to generate combined 2017 revenues of more than €10 million ($11 million = €0.90 = $1).  “Innova is a profitable company with one third of its revenues coming from the US and UK markets, respectively. Innova’s strong marketing capabilities and top-notch management complement SYGNIS’ existing capabilities and will help us to deliver on our international commercialization strategy, driving revenues and enhancing profitability,” commented Pilar de la Huerta, co-CEO and chief business development officer of SYGNIS. In connection with the transaction, SYGNIS plans to issue new shares and initiate a private placement. (For SYGNIS 2016 financial results, see Bottom Line.)

Publicly held SYGNIS’ original product line was focused on kits for DNA/RNA sample enrichment and analysis. The company has expanded into proteomics with the purchases of Expedion (see IBO 5/15/16) and C.B.S. Scientific (see IBO 12/15/16), both proteomics providers. Each acquisition has been of a profitable company with additional direct sales capability. SYGNIS expects to break even this year. Each acquisition has added new technologies to the company’s life science consumables portfolio. Innova Biosciences’ Lightning-Link technology directly labels antibodies and proteins. Advantages include 30 minutes hands-on time, no spin or separation steps, and full scalability.