Tepnel to Acquire Orchid Diagnostics for $4.3M

NEW YORK, Oct. 31 (GenomeWeb News) - Orchid BioSciences and Tepnel Life Sciences announced today that Tepnel will buy Orchid's diagnostics unit for $4.3 million.

Under the terms of the acquisition, which is expected to close during the fourth quarter of 2003, the Manchester, UK-based instrumentation and services company will acquire the product and services business of Orchid Diagnostics in the US, UK and Belgium. The company will also assume certain liabilities of the business, and will assume control of Orchid's facilities in Stamford, Conn. and Brussels, Belgium. The companies said they expect all of Orchid Diagnostics' current employees to stay on with Tepnel.

"This divesture is part of Orchid's ongoing strategy to focus on those DNA testing businesses where we have a market leadership position and strong competitive advantage," Paul Kelly, CEO of Orchid BioSciences, said today in a statement.

The completion of the acquisition is subject to a secondary public offering of shares from Tepnel and final approval by Tepnel's shareholders.