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Harvard Bio Unloads Part of Its Capital Equipment Biz for $1M, Plus Earn-out

NEW YORK (GenomeWeb News) - Harvard Bioscience said yesterday that it has sold its Genomics Solutions division and Maia Scientific business to Digilab for $1 million in cash and a 20 percent earn-out of the revenue the businesses generate over a three-year, post-transaction period.
 
Both businesses were part of the company’s Capital Equipment Business Segment, which Harvard Bio has been trying to sell for more than two years.
 
Harvard Bio will hold the rights to certain deferred tax assets, which the company said are currently offset by valuation allowances.
 
The firm said it still is looking to sell its COPAS flow cytometry products, which are held under its Union Biometrica US and German subsidiaries and were not a part of the Digilab deal.
 
Harvard Bio President David Green said the divestiture of the capital equipment division will allow the firm to “focus our resources on our apparatus and instrumentation business and to continue our pursuit of tuck-under acquisitions.”

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