NEW YORK, Jan. 10 (GenomeWeb News) - Shares in Invitrogen were up 5.74 percent, or $3.70, at $68.18 in mid-afternoon trading after the company said it plans to acquire antibody manufacturer Zymed Laboratories.
As GenomeWeb News reported this morning, Zymed, based in South San Francisco, Calif., sells immunoassay reagents for research and clinical diagnostics. The company has more than 2,000 antibodies and related products suitable for research in the areas of cancer, neurological diseases, and infectious disease.
Following the acquisition, which Invitrogen said it will close for $60 million in cash around the end of February, Zymed's South San Franciscofacility will become the main site for Invitrogen's antibody production and distribution.
Invitrogen expects Zymed to generate $15 million in sales during the first year following the acquisition.
