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Caliper Completes Divestiture of Product Lines to Biotage

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Caliper Life Sciences has completed the sales of its RapidTrace solid phase extraction and TurboVap evaporation product lines to Biotage for $16.5 million in cash.

The divestiture, announced a couple of weeks ago, also includes Biotage assuming liabilities of about $500,000 associated with the products.

In addition, the firms entered into a three-year manufacturing agreement, under which caliper will exclusively manufacture and supply the TurboVap and RapidTrace products in amounts requested by Biotage from time to time at prices agreed to by the parties.

Caliper also reported in a filing with the US Securities and Exchange Commission pro forma financial results for its first quarter ended March 31, reflecting the dispositions of the specialty product lines. The firm reported that its revenues, which were $28.7 million for the quarter, would have been around $2.1 less had the divested product lines not contributed to the period.

In addition its net loss, which was $2.2 million, or $.04 per share, would have been $3.4 million, or $.07 per share.

Caliper's cash, cash equivalents, and marketable securities would have been $52.6 million versus the $36.4 million reported.

The sale is part of Caliper's strategy to shed businesses that are outside of its core operations. In December, the firm sold its Xenogen Biosciences subsidiary to Taconic Farms for about $11 million.