NEW YORK (GenomeWeb) – Precision System Science recently announced a business alliance with Hitachi High-Technologies that it said will "enable the firm to further strengthen its business platform as an innovative biotechnology company."
Under the terms of the deal, PSS will supply to Hitachi its nucleic acid isolation system, fully automated diagnostic instruments, and reagents. In return, Hitachi will provide to PSS technology, production, sales network, and manpower.
PSS has allotted about 2.3 million shares of its common stock, or 10 percent of its total outstanding shares, to Hitachi, which will also have a representative on PSS' board.
Headquartered in Chiba, Japan, PSS develops instruments for the in vitro diagnostics field. In addition to its fully automated nucleic acid isolation system, the firm offers a magnetic beads-based multipurpose open platform system, and a microarray sample preparation instrument, according to its website.
A PSS spokesman said that a goal of the deal with Hitachi is to develop high-throughput tools for the diagnostics space.
In fiscal 2016, PSS posted ¥4.46 billion ($40.0 million) in revenues, it said.