International Murex Technologies Corp. of Toronto has acquiredAmtec Diagnostics International Inc. of Houston, which has 55U.S.-approved blood typing products.
The acquisition should accelerate the entry of InternationalMurex's Canadian subsidiary, Dominion Biologicals Ltd., intothe U.S. market for blood typing and blood bank reagentsproducts, Murex said, and facilitate the entry of Dominion'snew Novaclone monoclonal antibody-based products.
Dominion has about 60 blood typing products, three of whichare in the final stages of approval by the Food and DrugAdministration. The U.S. market for blood typing and reagentproducts is about $95 million, according to Murexspokeswoman Marcia Young.
In the non-cash deal, Murex acquired about 90 percent ofAmtec's issued and outstanding stock.
Amtec shareholders received an initial allotment of about85,000 shares of International Murex common stock (AMEX:MXX)and the ability to earn up to 269,000 additional shares basedon Amtec revenues and objectives for gross margin in 1992and 1993. The stock closed Friday at $7.50, down 13 cents.
In the first year, Amtec should provide Murex with about $2million in revenues.
International Murex's third subsidiary is Murex Corp. ofNorcross, Ga. It produces a single-use diagnostic system thatprovides rapid tests for infectious diseases.
-- Kris Herbst BioWorld Washington Bureau
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