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Caliper to Acquire Zymark in Bid to Merge Lab-on-a-Chip with Lab Automation

NEW YORK, June 9 - Caliper Technologies said today that it plans to acquire privately held lab automation firm Zymark from its parent firm, the Berwind Company, for $57 million cash and 3.15 million shares of Caliper stock.

 

Caliper said that Zymark's lab automation product line and sales force would provide a broader commercial outlet for its own microfluidic LabChip platform.

 

Upon the closing of the acquisition, Zymark will become a wholly owned subsidiary of Caliper, and will continue to sell products under its own name. The new company's headquarters will be based in Hopkinton, Mass.

 

Zymark's CEO, Kevin Hrusovsky, will become the new CEO and join the company's board of directors. Michael Knapp, CEO of Caliper, will become CTO. Jim Knighton, currently president and CFO of Caliper, will retain his position during the transition period. Dan Kisner will remain as chairman of Caliper's board, and Caliper will appoint one nominee of Berwind to its board of directors.

 

We have been aggressively looking for a value-creating acquisition," said Knighton. "Given Zymark's 2002 revenues of $65.4 million, we now have a target for Caliper to be profitable by year end 2005."

 

Caliper posted revenues of $25.8 million in 2002, down 13 percent from $29.6 million in 2001.

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