NEW YORK (GenomeWeb News) – Beckman Coulter has inked a definitive agreement to acquire the Cogenics division of Clinical Data for approximately $17 million, Clinical Data said after the close of the market on Wednesday.
Cogenics provides genomics services, such as DNA sequencing, gene expression, clinical and non-clinical genotyping, biomanufacturing support, nucleic acid extraction, and biobanking. Its services will complement those of Beckman's Agencourt Biosciences business, which also offers genomics services and nucleic acid purification products.
Under terms of the pact, Beckman will pay Clinical Data $15.4 million at the closing of the deal, which is expected this month. Clinical Data said that it also expects to retain around $2 million in cash from Cogenics immediately prior to the sale. In exchange, Beckman will acquire all of Cogenics' operations in the US, UK, France, and Germany.
Thomas Weisel Partners analyst Peter Lawson estimated in a research note that Cogenics brought in revenues of around $28 million for 2008.
Clinical Data intends to use the funds from the sale to support its late-stage therapeutic programs, including its phase III drug vilazodone for treating depression.
In addition to its drug business, Clinical Data continues to operate its PGx Health division, which is developing pharmacogenetic tests.