NEW YORK (GenomeWeb News) - Bio-Rad Laboratories has finalized its purchase of Ciphergen Biosystems’ proteomics tools business, the company said today.
The companies had expected the deal, which was announced in August, to close November 1, but it was delayed for undisclosed reasons after receiving shareholder approval in late October.
Bio-Rad paid Ciphergen $20 million in cash and made a $3 million equity investment in the company to purchase its ProteinChip business and worldwide technology rights to its Surface Enhanced Laser Desorption Ionization (SELDI) technology. Also included in the agreement are “certain product lines,” manufacturing capability, intellectual property, and rights to Ciphergen’s established customer base.
Bio-Rad CEO Norman Schwartz said in a statement that the acquisition of Ciphergen’s tools for protein profiling and biomarker discovery will enable the company to “offer a more complete range of tools of proteomics workflows.”
Last week, Ciphergen posted a 34-percent drop in third-quarter revenue while Bio-Rad saw an 8-percent increase in revenues for the quarter, during which it also acquired quality control products maker Blackhawk Biosystems for an undisclosed amount.