Bio-Rad to Acquire Life Science Research Business From Ciphergen Biosystems
HERCULES, CA–Aug 14, 2006 — Bio-Rad Laboratories, Inc. (AMEX:BIO – News) (AMEX:BIO-B – News), a multinational manufacturer and distributor of life science research and clinical diagnostics products, announced today that it has signed a definitive agreement to acquire Ciphergen Biosystems, Inc.’s ProteinChip Systems® and worldwide technology rights to Surface Enhanced Laser Desorption/ Ionization (SELDI-TOF-MS) for approximately $20 million in cash. In addition, Bio-Rad will make a $3 million equity investment in Ciphergen. The acquisition provides Bio-Rad with access to leading protein analysis technology for the life science market and represents a significant addition to the company’s portfolio of products.
The acquisition includes manufacturing, sales, intellectual property, and a significant customer base. Under the terms of the agreement, Ciphergen will retain rights to the diagnostics market. Through a separate supply agreement, Bio-Rad will supply instruments and reagents to Ciphergen. The transaction is expected to close in the fourth quarter 2006 and is subject to approval by Ciphergen’s stockholders and other customary closing conditions.
“The study of proteins continues to be a rapidly growing area in the life sciences,” said Norman Schwartz, Bio-Rad President and CEO. “With the acquisition of Ciphergen products, Bio-Rad will be able to provide a broad range of proteomic tools from basic separations to full identification of proteins.”