NEW YORK (GenomeWeb News) – OriGene Technologies and SDIX today announced a definitive agreement for OriGene to buy the Life Science assets of SDIX for $16 million.
OriGene is acquiring substantially all of SDIX's assets and will offer employment to a "substantial majority" of SDIX's employees, SDIX said.
"We anticipate the combination of SDIX with OriGene will enhance our ability to continue to develop the most comprehensive collection of high-quality monoclonal antibodies for key applications both in research and diagnostics fields," OriGene Chairman and CEO Wei-Wu He said in a statement issued by OriGene, adding that SDIX's experience in antibody development and production expertise "will complement OriGene's existing high-throughput monoclonal antibody capacity to develop the highest quality antibodies."
In a separate statement, SDIX President and CEO Francis DiNuzzo called the sale of the Life Science business to OriGene "a natural progression for SDIX. The combination of our core Life Science business and our Advanced GAT (Genomic Antibody Technology) with OriGene's technologies and global operations will result in a broader portfolio of products and services for our customer base and a reach into markets that SDIX would be challenged to achieve as a standalone business."
Newark, Del.-based SDIX sold its food safety and GMO business to Romer Labs in October for $13.5 million in order to focus on its life science business and Advanced GAT.
The acquisition is expected to enhance Rockville, Md.-based OriGene's capabilities to provide immunization strategies for antibody development using full-length mammalian-produced protein and genetic immunization technologies. The firm added that the deal will expand its antibody and in vitro product and services capabilities "to create significant new commercial opportunities" for its new and existing customers.
The acquisition is anticipated to be completed in the second quarter.
OriGene said last month that it raised more than $21 million in a Series C financing round.