NEW YORK (GenomeWeb News) — Diagnostics systems maker Immucor said Tuesday that it will buy molecular diagnostics company BioArray Solutions for around $117 million in cash.
BioArray has developed diagnostic systems based on its BeadChip system to determine antigens for donors and recipients of blood transfusions. Immucor’s reagents and instruments also are focused on the blood transfusion industry.
Through the deal, Norcross, Ga.-based Immucor said it will acquire an IP portfolio with roughly 100 issued or pending patents.
BioArray will continue to operate out of its base in Warren, NJ, and will retain its name.
Immucor also said that BioArray’s current equity holders plan to form a new company before the deal closes that will commercialize the BioArray technologies outside of the blood transfusion and transplantation areas. That part of the deal will give Immucor a 19 percent holding in that new company.
Combined, the two companies should be able to “deliver more precise genotyping solutions to enhance patient outcomes,” and the deal should open up new opportunities in Immucor’s transplantation and transfusion-related applications, Immucor CEO Gioacchino De Chirico said in a statement.
BioArray CEO Michael Seul said that Immucor’s automated platforms, FDA licensing experience, distribution network, and financial backing should allow BioArray to introduce the BeadChip products more swiftly and widely than it would have been able to do otherwise.
Immucor said that it expects the acquisition to be dilutive to its earnings for several years following completion of the deal. For 2008, it said that the acquisition is expected to reduce its earnings per share by roughly $.20 to $.23.
In early Wednesday trade on the Nasdaq, Immucor’s shares tumbled 34 percent to $18.18.