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Third Wave to Acquire Stratagene's Full Velocity Patents for $3.9M

This article has been updated to include the purchase price as disclosed in a regulatory filing.
 
NEW YORK (GenomeWeb News) – Third Wave Technologies said today that it has agreed to acquire Stratagene’s Full Velocity patents from Agilent Technologies.
 
In a filing with the US Securities and Exchange Commission, Third Wave said that it would pay Agilent $3.9 million, to be paid in quarterly installments over a period of three years with simple interest at an annual rate of 4.75 percent.
 
The Full Velocity technology provided the basis for Stratagene’s PCR and RT-PCR-based reagents and assays and is a competitor to Third Wave’s Invader technology. Stratagene’s technology was at the center of a patent suit that Third Wave brought against the firm and won in a US District Court in Wisconsin in December 2005.
 
Stratagene had also filed a countersuit against Third Wave alleging patent infringement. But the firms settled all litigation in January 2007, which resulted in Stratagene paying Third Wave $10.75 million.
 
Stratagene was subsequently acquired by Agilent nearly a year ago for $250 million. In acquiring Stratagene, Agilent gained a number of molecular diagnostic partnerships, including one with Bayer Diagnostics. The products developed under those collaborations are based on the Full Velocity technology.
 
Third Wave said that the acquisition of the Full Velocity patents strengthens its intellectual property position for its Invader Plus products, which combine Invader chemistry with PCR.
 
“Third Wave’s strategic acquisition of the Full Velocity patents cements an integral part of our clinical menu expansion plans and provides us valuable options in the research market,” Third Wave President and CEO Kevin Conroy said in a statement.
 
The Madison, Wis.-based firm said it is developing the next generation of Invader chemistries, which will amplify and detect DNA, RNA, and microRNA on real-time PCR instruments. It said that the new chemistries would enable it to reach new research markets including the $500 million quantitative PCR market.
 
Financial details of the patent acquisition were not released by the firms.

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