NEW YORK, Dec. 7 (GenomeWeb News) - Ciphergen received $35.8 million---nearly $4 million more than was originally estimated---when it sold its BioSepra business unit to Pall Corporation last week, according to Ciphergen.
Pall paid Ciphergen "approximately $35.8 million in cash, consisting of $31.0 million consideration paid for the BioSepra business plus adjustments for cash and debt associated with the BioSepra Business, subject to certain other adjustments as set forth in the Agreement," Ciphergen wrote in a US Securities and Exchange Commission filing yesterday.
"An additional $1.0 million of cash consideration, subject to certain adjustments, is to be held in escrow as security for certain obligations for one year," the company said.
In October, when Ciphergen announced the planned sale, it said Pall would pay around $32 million for the business.
As GenomeWeb News reported, Ciphergen last week sold its BioSepra process-chromatography business to Pall.
The initial agreement to sell the business was announced in late October. As the time, the firms also entered into a collaboration under which New York-based Pall will establish process proteomics service centers to offer protein purification using BioSepra's chromatography products and Ciphergen's ProteinChip technology.
Ciphergen also said that it will retain certain limited rights to access BioSepra's chromatography sorbent technology for use in research and diagnostic markets.
"The sale of our BioSepra process chromatography business allows us to focus our financial and business resources on our core research products and emerging diagnostic business," William Rich, CEO of Ciphergen, said in a statement in October. "The joint sales and marketing collaboration with Pall Corporation positions us to continue to sell the Protein Chip Systems into the process proteomics market."