A Diagnostics & Imaging Week
Invitrogen (Carlsbad, California) reported that it has signed a definitive agreement to acquire publicly held life sciences company BioSource International (Camarillo, California) in an all-cash transaction totaling about $130 million, roughly $12.50 per share. The transaction, which represents a 10% premium to BioSource's Monday closing price of $11.40 on the Nasdaq, is expected to close by the end of the year.
This latest acquisition is one in a string this year by the highly acquisitive Invitrogen.
The company bought antibody manufacturer Zymed Laboratories (South San Francisco, California) in January for $60 million in cash. In April it completed its purchase of molecular separation and purification technologies developer Dynal Biotech (Oslo, Norway) from Nordic Capital (Stockholm, Sweden) and a co-investor, for about $391 million. And in May, Invitrogen signed an agreement to acquire privately held immunological assay manufacturer Caltag Laboratories (Burlingame, California) in a cash transaction totaling $20 million, a deal since completed.
This latest deal, the company said, augments its growing collection of protein and primary antibody products gained through the Zymed and Caltag buys. Additionally, the buy bolsters Invitrogen's offerings in both kinase and cytokine assay technologies for research applications and provides the company an opportunity to enter new markets in immunology, oncology and neurodegenerative disease.
"The acquisition of BioSource enables our company to continue its growth in the vital area of proteomics," said Gregory Lucier, Invitrogen chairman and CEO. "Moreover, the potential combination of BioSource's strength in technology development and our leading brand positions us to achieve an important goal of developing a collection of disease specific tools."
BioSource International is a broad-based life sciences company focused on providing integrated solutions in the areas of functional genomics, proteomics and drug discovery through the development of biologically active reagent systems that facilitate, enable and accelerate pharmaceutical development and biomedical research.