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Affy To Acquire Reagent Supplier USB for $75M

NEW YORK (GenomeWeb News) - Affymetrix said today it will buy life sciences reagent supplier USB for $75 million in cash in a move that will enhance its product portfolio and enable development of new genetic analysis offerings.
The acquisition, which is expected to close in the first quarter of 2008, "will greatly accelerate our ability to develop and commercialize more complete customer solutions," said Affy's president, Kevin King, in a statement.
USB, a privately held firm based in Cleveland, Ohio, sells three product lines: molecular biology enzymes and kits, biochemical reagents, and membrane protein research tools.
Affymetrix said it plans to use USB's assets to "accelerate the development and commercialization of new genetic analysis solutions" and to raise the value of its current product lines.
King said that the acquisition is a “strategic fit” for Affy’s growth strategy and that the company expects the deal to be modestly accretive to its 2008 earnings per share before transaction-related charges.
USB’s roots date back to the 1970s when it was known as United States Biochemical. After Amersham Life Science purchased United States Biochemical in 1993 and then merged with Pharmacia Biotech in 1997, USB’s management team bought the company’s three main product lines back from Amersham Pharmacia Biotech to create USB in 1998.
Affy said it will provide further details about the acquisition during its fourth-quarter 2007 conference call, which is scheduled for Jan. 31, 2008.

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