This article has been updated from an earlier version to include stock quotes and details on the divestiture.
The stock was trading up 1.64 percent at $3.72 after reaching a high of $3.90 soon after Ciphergen said it was selling the technology to the East Hills, NY-based separation and filtration company.
The BioSepra business develops, manufactures, and markets chromatography sorbents for protein purification. Eric Krasnoff, chairman and CEO of Pall, said the business "fit[s] in well with our significant market position in drug discovery and protein purification."
"Our goal is to provide total fluid management to our customers in industrial protein purification," Krasnoff said in a statement today. "This purchase fulfills a key strategic area for Pall. BioSepra has always had an excellent reputation for the quality of its sorbents and the addition of their chromatography media to our product offerings is highly complementary for our company."
The sale is expected to close in 45 days, the companies said.
The two companies also said they will co-develop and co-promote Ciphergen's SELDI ProteinChip technology "as a bridge between the research lab and large scale drug production." The firms plan to use the technology "to optimize chromatography resin selection for protein purification," they said in a statement.
William Rich, president and CEO of Ciphergen, said the collaboration is intended to "speed process development ... for protein purification and expression optimization and process monitoring."
In addition, Pall said it plans to establish Process Proteomics Service Centers based on Ciphergen's existing Process Proteomics Service Centers to help its customers choose and optimize sorbents and membranes for protein purification used in therapeutic protein production. The addition of these sorbent technologies will enable Pall to provide a highly integrated solution for the bioprocess separations market.
Ciphergen said it will retain "certain limited rights to access BioSepra's chromatography sorbent technology for manufacture, use and sale in the research and diagnostic markets."