NEW YORK (GenomeWeb News) – Life Technologies today announced a definitive agreement to buy certain assets from Indian firm Labindia for an undisclosed amount.
Labindia has been a distributor of Life Tech's Applied Biosystems products, including the SOLiD sequencing system and Ambion RNA reagents, since 1994. The deal creates a full service business, allowing Life Tech to supply ABI and Invitrogen products directly to customers, the company said in a statement.
Financial terms were not disclosed.
Based in New Delhi, Labindia markets and manufactures instruments for and provides services to the pharmaceutical, biotech, and life sciences industries. About 100 employees of Labindia will join Life Tech, resulting in a 200 person organization with operations throughout India.
India has been one of the fastest growing regions in the biotech market in recent years, experiencing double-digit growth. In Life Tech's statement, Mark Smedley, head of the Asia Pacific region for the company, said the main reason for the purchase was to fulfill demand from customers in the region, "and by developing a more direct connection with them, better serve their needs with superior products, service, and customer support."
The acquisition is expected to close before the end of the year and is not expected to have a material impact on Life Tech's financials in fiscal 2010, the company said.