ABI Completes $120M Acquisition of Agencourt Personal Genomics
Applied Biosystems said this week that it has completed its previously announced acquisition of Agencourt Personal Genomics for approximately $120 million in cash.
Applied Biosystems announced its plans to acquire Agencourt in May. As part of the deal, Beckman Coulter has sold its minority interest in APG to ABI for approximately $50 million in cash. Beckman acquired a 49-percent stake in APG as part of its May 2005 acquisition of Agencourt Biosciences.
ABI said that the APG R&D team will continue to be based in Beverly, Mass., and will join ABI's Molecular and Cell Biology division, based in Foster City, Calif.
The company has said publicly that it sees potential for APG's business in the gene expression market.
In June, Kevin Corcoran, vice president and general manager of ABI's genetic analysis business, said the sequencing technology could provide users with a "very accurate count of the transcription level of any particular gene." He also said that the method is "very attractive, especially in systems where there is not a commercially available microarray" (see BAN 6/13/2006).
Nanogen Wraps Up Share Conversion With Amplimedical
Nanogen on June 30 issued 2.9 million shares of its common stock to Amplimedical upon conversion of a promissory note issued to that company, whose diagnostics division Nanogen acquired in the spring, according to documents filed with the Securities and Exchange Commission last week.
The Italian medical supplies company received the convertible promissory note, dated May 1, when Nanogen acquired the company on April 19. The €6.1 million note ($7.5 million) was convertible into Nanogen common shares, the company said at the time.
Nanogen announced the €8.1 million acquisition of Amplimedical's diagnostics division in April. The company has said it plans to consolidate its current European operations in Italy as it looks to grow European sales (see BAN 4/25/2006).
Alpha Innotech Expects to Report $3M in Total Q2 Revenue
Alpha Innotech expects to report at least $3.15 million in revenues for the quarter ended June 30, marking its fourth consecutive quarter of year-over-year revenue growth, the company said last week.
The company expects to post more than a 25-percent increase from the $2.51 million in revenues reported in the same period in 2005.
"We are on track to attain profitability in the second half of this year and we expect to generate positive cash flow perhaps as soon as next quarter," said Haseeb Chaudhry, CEO of Alpha Innotech, in a statement.