NEW YORK (GenomeWeb News) – Australian bioseparations company NuSep has signed an agreement to buy proteomics software maker BioInquire through a cash, stock, and milestone arrangement worth an expected $3 million or more.
BioInquire, based in Athens, Ga., sells the ProteoIQ software for analysis and identification of protein samples post-processing on a mass spec instrument against large structure and function databases.
NuSep said that its customers can use the ProteoIQ software to identify proteins they separated with its ProteomeSep MF10 instruments.
NuSep offers precast gels, separation instruments, including the ProteomeSep, biological research supplies, and the InqSep supply service for identification, cataloguing, and analysis for mass spectrometry projects.
Under the agreement, NuSep will pay three times BioInquire's 2010 calendar net profit. That includes $1.5 million when the acquisition is approved; $500,000 in NuSep shares at the end of 2010; $1 million on March 31, 2011, based on achievement of a profit milestone; and the balance of three times the BioInquire net profit for the 12 months up to March 2011.
NuSep expects the combined company to have $5.5 million in revenues for the 09/10 Fiscal Year ended June 30, 2010.