NEW YORK, March 25 (GenomeWeb News) - Ciphergen Biosystems has bought the remaining stake in its Japanese affiliate Ciphergen Biosystems K.K. from SC BioSciences, assuming full ownership, Ciphergen said today.
Ciphergen acquired the 30 percent equity stake held by SC BioSciences, a unit of Sumitomo. Ciphergen and SC BioSciences founded the affiliate in 1999 as a joint venture. In August 2002, Ciphergen increased its stake from 30 percent from 70 percent and founded a Biomarker Discovery Center in Japan.
Complete ownership "will give us greater flexibility to expand our operations in Japan going forward, in particular as we capitalize on the opportunities created by our diagnostics division," said Ciphergen president and CEO Bill Rich in a statement.