NEW YORK, Jan. 12 (GenomeWeb News) - Antibody company MorphoSys has acquired privately held Serotec, an Oxford, England-based supplier of antibodies for research applications, the companies said today.
Munich, Germany-based MorphoSys will pay a total of £20 million ($35.3 million) for Serotec, with £14 million of that amount paid in cash and the remainder paid through the issuance of 208,560 new shares, the companies said.
Serotec will become a subsidiary of MorphoSys and will continue to sell its products to the research market, according to the statement. The acquisition, which is intended to expand the company's research antibody business, will give MorphoSys a distribution network in the United States, the United Kingdom, France, and Scandinavia, the companies said.
MorphoSys' January 2005 acquisition of Biogenesis was also intended to expand its research antibody business.