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Harvard Bioscience Buys Denville Scientific

NEW YORK (GenomeWeb News) – Life sciences instrument maker Harvard Bioscience said today that it has agreed to buy the private molecular biology company Denville Scientific for around $23 million to $24 million.

Metuchen, NJ-based Denville Scientific is focused on liquid handling items used in molecular biology research, and the company’s 2008 revenues were around $19 million.

Harvard Bioscience said that the acquisition brings with it a "well established business with an excellent organic growth history," an "extensive field sales organization," and a "significant consumables business."

The $23 million to $24 million price tag for Denville Scientific’s assets, which will be paid in three installments, is around six times the company’s estimated fiscal year 2009 profit, adjusted for certain one-time items. The total purchase price will depend on Denville’s 2009 financial results.

According to Harvard Bioscience, Denville Scientific’s revenues have grown at a rate of around 15 percent per year over the past ten years, and it expects the new business to add $.02 to $.03 to its 2009 GAAP earnings per share.

The purchase will be funded through Harvard Bioscience’s existing cash balances and its credit facility.