NEW YORK (GenomeWeb News) - Celera said today that it will buy Berkeley HeartLab, a California-based personalized cardiovascular care company, for around $195 million in cash.
Celera said that BHL’s portfolio of CLIA-certified tests and disease-management services will expand its options for new molecular diagnostics, including tests for cardiovascular patients.
The deal is expected to close in Celera’s second fiscal quarter of 2008, which ends Dec. 31, 2007.
Celera estimated that the market for personalized cardiovascular disease management in the US is worth around $7.8 billion and growing at around ten percent per year.
BHL’s annual revenue is expected to be more than $85 million in 2007, which Celera said is double-digit growth over 2006. The company said the acquisition will be accretive to earnings in the second half of fiscal 2008.
BHL will operate as a business unit of Celera.
Celera president Kathy Ordonez said the deal provides Celera with a “commercial infrastructure to drive adoption” of new molecular diagnostic tests that individualize treatment for cardiovascular disease.
“Celera's genetic markers that are intended to identify people at risk for early heart attacks, stroke and blood clots and optimize therapy with cholesterol-lowering drugs, aspirin, anti-coagulants and other cardiovascular drugs should augment Berkeley HeartLab's current disease management offerings to patients,” Ordonez added.
BHL has around 300 employees and is headquartered in Burlingame, Calif. It also has a CLIA-certified lab in Alameda, Calif. as well eight regional disease management centers.
BHL was founded in 1995 and first turned a profit in 2004, Celera said.