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Serologicals Pens Deal to Acquire Chemicon for $95M

NEWNEW YORK, Feb. 11 - Serologicals has signed an agreement to acquire reagent and tool company Chemicon for $95 million in cash less Chemicon's outstanding debt, the company said today.


Serologicals plans to purchase Chemicon, which is based in Temecula California, using a new $100 million five-year term loan with a $25 million revolving credit facility. Serologicals said it expected the acquisition to close March 31, provided that the $100 million financing is completed and regulatory approval is obtained.


"The acquisition of Chemicon represents another significant step in the execution of our plan to transform Serologicals into a company that is focused on providing a broad range of biological products in all phases of the biomedical product pipeline and particularly in the areas of cell culture and molecular biology," David Dodd, Serologicals' president and CEO, said in a statement.


The company said it would operate Chemicon as a stand-alone unit. Chemicon, which had sales of about $40.4 million last year according to Serologicals, markets monoclonal antibodies, conjugates and blends for diagnostics; as well as specialty reagents and molecular biology tools for companies working in proteomics, drug discovery, cancer research, infectious disease, neuroscience, and stem cell research.


Serologicals, which started out as a blood product company, has recently expanded to the SNP market with a PCR technology Amplifluor, which it obtained when it acquired Intergen in December 2001.



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