NEW YORK (GenomeWeb News) – Life Technologies today said it has acquired Advanced Microscopy Group for an undisclosed amount.
AMG, incorporated as Westover Scientific, develops imaging systems for research microscopy. The acquisition allows Life Tech to expand its product line of cell imaging instrumentation and to leverage its Molecular Probes fluorescent dyes and reagents.
AMG develops imaging technologies and its product lines include the EVOS brand, which eliminates conventional eyepieces with LCD screens, improving the ease of use. The Floid Cell Imaging Station, launched in late 2011, is a fluorescent microscopy technology aimed for researchers who are new to imaging or who do not require advanced features found in more expensive equipment.
AMG's Floid Cell Imaging Station is already sold by Life Tech, and the Carlsbad, Calif.-based firm added that the deal provides it the opportunity to develop new products for laboratory and portable imaging devices.
AMG will remain in its Bothell, Wash., location and be integrated into Life Tech's Flow Cytometry and Imaging business unit.
According to Life Tech, the microscopy market is estimated at $770 million. The purchase of AMG is anticipated to be neutral to its 2012 earnings, accretive in 2013, and accretive to its overall return on invested capital by 2015.
"Our acquisition of [AMG] brings together two leaders in the cell imaging field," Peter Dansky, president of Molecular and Cell Biology at Life Tech, said in a statement. "[W]e're now better able to serve our customers with a complete portfolio of integrated solutions for cell analysis optimized for performance and ease of use."
Also, Life Tech reported in a filing with the US Securities and Exchange Commission that it has recalculated its third-quarter revenues and EPS to factor in a $48.6 million verdict issued against the company related to patent infringement litigation filed by Enzo Biochem. As a result of the verdict, Life Tech revised third-quarter revenues to $65.6 million from an earlier figure of $97.1 million, and GAAP diluted EPS was lowered to $.37 from $.55. Its adjusted EPS was unchanged.