NEW YORK, Jan. 22 (GenomeWeb News) - Tepnel has completed its acquisition of Orchid Biosciences' diagnostics unit, the companies said today.
However, "changing market conditions" caused Tepnel to shed around $800,000 off the original purchase price, dropping to $3.5 million from $4.3 million the final price that Tepnel paid for the division, the companies said.
Announced in October 2003, the deal called for Tepnel to acquire the product and services business of Orchid Diagnostics facilities in the United States, the United Kingdom, and Belgium. The purchase included the division's LifeMatch system and consumable product line for HLA testing and Orchid's Elucigene product line for testing certain genetic diseases, as well as certain liabilities.
Tepnel has taken control of the facilities formerly occupied by Orchid's diagnostic unit in Stamford, Conn., which will now be called Tepnel Lifecodes, and in Brussels, Belgium, which will now be called Tepnel Diagnostics. Tepnel officials said they intend to retain all of Orchid Diagnostics' employees.