Bio-Rad Laboratories pays approx $20 million in cash for Ciphergen Biosystems's ProteinChip Systems and worldwide technology rights to surface enhanced laser desorption/ ionisation (Seldi-Tof-MS)
In addition, Bio-Rad will make a $3 million equity investment in Ciphergen.
The acquisition provides Bio-Rad with access to leading protein analysis technology for the life science market and represents a significant addition to the company's portfolio of products.
The acquisition includes manufacturing, sales, intellectual property, and a significant customer base.
Under the terms of the agreement, Ciphergen will retain rights to the diagnostics market.
Through a separate supply agreement, Bio-Rad will supply instruments and reagents to Ciphergen.
The transaction is expected to close in the fourth quarter 2006 and is subject to approval by Ciphergen's stockholders and other customary closing conditions.
"The study of proteins continues to be a rapidly growing area in the life sciences," said Norman Schwartz, Bio-Rad president and CEO.
"With the acquisition of Ciphergen products, Bio-Rad will be able to provide a broad range of proteomic tools from basic separations to full identification of proteins." Ciphergen Biosystems is focused on the discovery, development and commercialisation of high-value, molecular diagnostic products to improve patient care.
Ciphergen, along with its prestigious scientific collaborators, has ongoing diagnostic programs primarily in oncology with an initial focus in ovarian and prostate cancer.
