NEW YORK (GenomeWeb) – Sygnis announced this week that it has signed an agreement to acquire San Diego-based life science tools company CBS Scientific for $540,000 in cash and 275,311 newly issued shares, giving the deal a total value of $900,000.
Sygnis said that CBS Scientific's product portfolio — which includes electrophoresis equipment, mutation detection systems, DNA sequencers, and PCR workstations — complements its own, and that it expects to realize cost savings by merging it with the San Diego facilities of recently acquired Expedeon.
Sygnis added that CBS Scientific's sales and customer base provide an opportunity for post-acquisition revenue growth beyond the more than $1.5 million a year the company currently generates. The deal is expected to be immediately "earnings enhancing and cash generative," Sygnis said.