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Caliper Buys Cambridge Research & Instrumentation for $20M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Caliper Life Sciences today announced a definitive agreement to acquire optical imaging firm Cambridge Research & Instrumentation for $20 million in a cash, stock, and debt deal.

The deal expands Caliper's life sciences tools portfolio in clinical research, pathology, and clinical market applications. In a statement, Caliper President and CEO Kevin Hrusovsky said that the acquisition "extends the reach of Caliper's proprietary offerings along the in vitro to in vivo bridge by filling the gap in tissue analysis platforms."

"[W]e see an opportunity to leverage [Cambridge's] advanced multiplex technology towards unmet needs in a rapidly changing market, in this case, the billion dollar tissue imaging and digital pathology clinical research market," he added.

To finance the deal, Caliper will issue $10.5 million in common stock, pay $7.5 million in cash, and assume $2 million in Cambridge's debt.

Woburn, Mass.-based Cambridge is anticipated to generate $12 million in revenues in 2010. Its technologies are expected deliver a 20 percent growth rate upon reconfiguration and integration into Caliper's portfolio and operations.

"Ultimately, Caliper's entry into the emerging digital and multiplexed pathology market segment has the potential to deliver a substantially greater growth profile," Caliper said.

Over the past decade, Cambridge instruments have been used at companies and institutions such as Pfizer, Merck, Novartis, the Dana Farber Cancer Institute, Stanford, and the Baylor College of Medicine, it noted.

Cambridge's headquarters and manufacturing operations will be absorbed into Caliper's operations in Hopkinton, Mass. Cambridge's Woburn facility will be closed when its manufacturing relocation is carried out, expected to happen in the middle of next year. Caliper will offer employment to about 75 percent of Cambridge's 49 employees.

Caliper said it anticipates incurring $2.5 million in restructuring, integration, and initial capital investment costs. Most of those costs will occur in 2011. Synergy cost benefits are projected to be between $2.5 million and $3 million annually, and will be fully phased in by the end of next year, Caliper said.

George Abe, president and CEO of Cambridge, will join Caliper as senior vice president of cellular and tissue analysis, where he will direct the growth and strategic direction of the tissue analysis business.

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