NEW YORK, Dec. 8 (GenomeWeb News) - Invitrogen is set to acquire Bio Asia, a Chinese reagent supplier, for up to $8 million in cash, and plans to invest more than $20 million in China over the next five years, the company said today.
Bio Asia, which is based in Shanghaiand has branches in Beijingand Guangzhou, as well as 18 sales offices across China, provides sequencing reagents and custom R&D services. The company, which was founded in 1999, has approximately $5 million in revenues.
The acquisition, which was approved by both companies' boards of directors, is pending approval from the Chinese government. It coincides with new guidelines from the World Trade Organization that will open the Chinese biotech industry to foreign-owned companies, according to Invitrogen.
This is not Invitrogen's first foray into China: In 1989, the company established its first office in the country. Following the Bio Asia acquisition, Invitrogen Chinawill have more than 170 employees. "Building on our new manufacturing and distribution base, Invitrogen intends to be a leading biotechnology provider to researchers in China," said Jeff Greenberg, Invitrogen's general manager for Asia Pacific, in a company statement.
Invitrogen is currently expanding not only geographically, but also into new markets: yesterday, the company announced a collaboration with Mayo Clinic to develop new technologies for biomarker discovery.