Cell Biosciences Signs Agreement to Acquire Alpha Innotech
Cell Biosciences, Inc. and Alpha Innotech Corp. announced that they have entered into a definitive agreement providing for the acquisition of Alpha Innotech by Cell Biosciences for US$1.50per share or approximately US$17.9 millionin cash. This acquisition would significantly expand Cell Biosciences' protein analysis business to include a global infrastructure and a broad protein analysis product portfolio.
Founded in 1992, Alpha Innotech is a pioneer in the use of high-sensitivity digital imaging systems for genomic and proteomic research. The company offers a broad range of best-in-class products, from entry-level gel documentation systems to premier systems for multiplexed fluorescence and proteomics applications. The company has sold over 10,000 systems worldwide. In 2008, Alpha Innotech achieved revenues of US$17.6 million and was profitable on both an operating and a net income basis. Alpha Innotech employs 62 people, primarily at its San Leandro, California headquarters.
Commenting on the transaction,Tim Harkness, President and Chief Executive Officer of Cell Biosciences, said, "This strategic acquisition marks an important milestone in our plan to create a profitable, high-growth protein analysis business with global reach. There is a great strategic fit in people, products, technologies, and customers between Cell Biosciences and Alpha Innotech. I am particularly excited by the critical mass of talent and industry experience this combination creates."
Under the terms of the agreement, Cell Biosciences will acquire Alpha Innotech for approximately US$17.9 million, or US$1.50per share, and will assume US$2.1 million of outstanding debt, net of cash. The completion of the transaction is subject to customary terms and conditions, including approval by the stockholders of Alpha Innotech. The directors, executive officers and certain stockholders of Alpha Innotech, who collectively hold approximately 33% of Alpha Innotech's outstanding common stock, have entered into agreements with Cell Biosciences pursuant to which they have agreed to vote their shares of Alpha Innotech common stock in favor of the transaction. The parties expect the transaction to be completed in approximately 60 days.
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Topic world Protein analytics
Protein analytics provides a deep insight into these complex macromolecules, their structure, function and interactions. It is essential for discovering and developing biopharmaceuticals, understanding disease mechanisms, and identifying therapeutic targets. Techniques such as mass spectrometry, Western blot and immunoassays allow researchers to characterize proteins at the molecular level, determine their concentration and identify possible modifications.
Topic world Protein analytics
Protein analytics provides a deep insight into these complex macromolecules, their structure, function and interactions. It is essential for discovering and developing biopharmaceuticals, understanding disease mechanisms, and identifying therapeutic targets. Techniques such as mass spectrometry, Western blot and immunoassays allow researchers to characterize proteins at the molecular level, determine their concentration and identify possible modifications.
