NEW YORK, July 15 - Caliper Technologies said today that it has completed its $57million acquisition of privately held lab automation firm Zymark.
Zymark is now a wholly owned subsidiary of Caliper, but will continue to sell products under its own name. The new company will be based in Hopkinton, Mass, where Zymark is presently located.
Zymark's CEO, Kevin Hrusovsky, is the new CEO of the combined company, and joins its board of directors. Michael Knapp, CEO of Caliper, is the company's new CTO and will step down from the board. Jim Knighton, president and CFO of Caliper, will remain CFO and COO of the company during the post-acquisition 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.
Caliper purchased Zymark from the Berwind Company, the private diversified holding company that owned Caliper, for $57 million cash and 3.15 million shares of Caliper stock. The acquisition agreement also stipulates that Berwind can earn up to 1.575 million additiona shares of Caliper stock if certain undisclosed targets for sales of Zymark products are met in 2003 and 2004, the company said.
In the acquisition, SG Cowen Securities served as the advisor to Caliper Technologies and J.P. Morgan Securities advised Berwind.