NEW YORK (GenomeWeb News) — Ciphergen Biosystems’ shareholders have given the company the green light to sell its proteomics instrument business to Bio-Rad Laboratories.
Under the terms of the agreement, originally disclosed in August, Ciphergen will unload the hardware branch to Bio-Rad for about $20 million in cash and a $3 million equity investment.
Ciphergen, which will now focus on its specialty diagnostic business, said it expects the deal to close before Nov. 1.
With the acquisition, Bio-Rad will be able to make and market Ciphergen’s surface enhanced laser desorption ionization technology, also known as SELDI, to the life sciences market for various proteomics applications.
Bio-Rad recently made two other purchases into the medical diagnostics market: The company bought Blackhawk Biosystems, a maker of infectious disease diagnostic products, for an undisclosed sum, and acquired Provalis’ medical diagnostic business for $3 million.