Skip to main content
Premium Trial:

Request an Annual Quote

Cell Biosciences to Acquire Alpha Innotech for $17.9M

NEW YORK (GenomeWeb News) – Cell Biosciences today said that it has signed a definitive agreement to acquire Alpha Innotech for $1.50 per share, or approximately $17.9 million in cash.

The acquisition will "significantly expand" Cell Biosciences' protein analysis business and provide it with a global infrastructure and broad protein analysis product portfolio, Santa Clara, Calif.-based Cell Biosciences said.

Alpha Innotech is based in San Leandro, Calif., and had 2008 revenues of $17.6 million. The firm sells digital imaging systems used for genomic and proteomic research, and has sold more than 10,000 of its systems worldwide. Its products complement Cell Biosciences' CB1000 system, a nanofluidic immunoassay platform for detecting and characterizing oncoproteins and other signaling proteins in ultra-small biological samples.

"This strategic acquisition marks an important milestone in our plan to create a profitable, high-growth protein analysis business with global reach," Cell Biosciences President and CEO Tim Harkness said in a statement.

Alpha Innotech's shares trade on the OTC Bulletin Board, and closed Friday at $.88. In addition to paying $1.50 per share, Cell Biosciences will assume $2.1 million of outstanding debt.

The firms expect to complete the deal in approximately 60 days.

In connection with the acquisition, Cell Biosciences said that it has entered into agreements to raise $19 million in cash in a second closing of a Series C Preferred Stock financing and a Series D Preferred Stock financing led by its largest investor, The Wellcome Trust. Existing investors Domain Associates, Novo A/S, Latterell Venture Partners, The Vertical Group, and the Royal Bank of Canada have all agreed to participate in the private deal.

Filed under

The Scan

Billion-Dollar Diversity Initiative

The Howard Hughes Medical Institute is now accepting applications for its new $1.5 billion initiative to boost the diversity of the scientific workforce.

Biotech Co-Founder Arrested

A co-founder of a Los Angeles-based biotech company has been arrested in connection with a murder-for-hire scheme, according to Endpoint News.

Return of the Tasmanian Tiger

The Washington Post reports that a team in Australia is working to bring the thylacine back from extinction.

Nature Papers on Genome of Individual From Pompeii, CircRNA Study Best Practices, More

In Nature this week: first sequenced genome of a person from Pompeii, best practice guidelines for circRNA studies, and more.