Deal positions caliper to meet industry need for secondary screening and assay development services
Caliper Life Sciences has announced the closing of its previously announced planned acquisition of NovaScreen BioSciences, a privately held life science services company based in Hanover, Maryland, USA.
The acquisition combines NovaScreen's screening, profiling and assay development services with Caliper's proven LabChip and advanced liquid handling products to provide the pharmaceutical and biotechnology industry with a central resource for drug discovery solutions.
"By integrating and leveraging NovaScreen's expertise and technology, Caliper has become a one-stop shop for scientists and researchers.
Customers can rely on Caliper for all in vitro drug discovery needs - state-of-the-art technologies, products, leading screening assays and profiling services," said Kevin Hrusovsky, president and CEO of Caliper Life Sciences.
"We have immediately gained a stronghold in the outsourced assay development and screening markets, especially the high-growth market of secondary screening and profiling services".
"Caliper's technology has been adopted by the majority of top pharmaceutical companies because Caliper understands the evolving needs of the industry and provides solutions that meet these needs," said David Manyak, president and CEO of NovaScreen.
"Caliper's presence within the industry, combined with NovaScreen's broad assay development and screening services, will position Caliper to address the unmet needs of companies working to discover safer drugs, faster".
Consistent with the terms of the previously announced agreement, Caliper purchased NovaScreen for $22 million, subject to future adjustment based on certain financial parameters.
NovaScreen shareholders can also earn up to $8 million contingent on the achievement of defined revenue milestones over a 30-month period.
The closing consideration was paid 80% in Caliper common stock and 20% in cash.
Caliper Life Sciences uses its advanced liquid handling and LabChip microfluidic technologies to create leading edge tools that accelerate drug discovery, enable diagnosis of disease and facilitate scientific research.
Caliper headquarters are located in Hopkinton, Massachusetts, with R and D, operations and manufacturing facilities for LabChip devices in Mountain View, California, and direct sales, service and applications support throughout the world.
Caliper customers and partners include many of the largest pharmaceutical, biotechnology, and life sciences companies.
