NEW YORK (GenomeWeb News) – Enzo Biochem said after the close of the market Thursday that it has acquired Assay designs for roughly $12.2 million, subject to post-closing price adjustments based on the private firm's working capital as of the closing date.
Ann Arbor, Mich.-based Assay Designs was founded in 1992 and sells research kits and reagents for detecting and quantifying small molecules and proteins for inflammation and immunity, oxidative and cellular stress, steroid and hormone biology, cell signaling, and bioenergetics applications. Assay Designs has annual revenues in excess of $11 million.
Enzo said that it expects the deal to be accretive to its operating results.
Assay Designs' "research product line, which has a strong market and brand position, provides an effective complement to those products produced and marketed globally by Enzo Life Sciences under the Alexis and Biomol brands," said Carl Balentzis, president of Enzo Life Sciences, in a statement.
Enzo said that Assay Designs' senior management will remain actively involved with Enzo Life Sciences.
In addition to the acquisition, Enzo Biochem said that its second-quarter revenues rose 15 percent to $20.9 million from $18.2 million year over year. Its Enzo Life Sciences segment had a 51 percent increase in revenues to $11.4 million.