Caliper Life Sciences, Inc. , a provider of tools and services for drug discovery and life sciences research, today announced that it reached an agreement to sell its RapidTrace® solid phase extraction and TurboVap® evaporation product lines to Biotage AB for $16.5 million in cash.
“Divesting these product lines is a win-win for Caliper and Biotage. For Caliper, it simplifies our product offerings allowing further focus on our core growth businesses of biomolecular sample preparation, imaging and analysis platforms, and also adds cash to our balance sheet to enable potential future strategic investments. For Biotage, these product lines expand its sample preparation expertise and broaden its target markets outside the pharma segment. Beyond this sale, we believe there are future manufacturing, innovation and commercial channel collaboration opportunities between Caliper and Biotage,” said Kevin Hrusovsky, President and CEO of Caliper. “As a result of this divestiture, our patented, proprietary IVIS® Imaging Systems and LabChip® product groups now comprise more than 75 percent of Caliper’s revenue. The proceeds from this sale will enhance our capability to make additional investments in the high-growth markets we serve, including next generation sequencing, biotherapeutics, molecular diagnostics and imaging.”
Biotage is acquiring the RapidTrace and TurboVap product lines and associated assets for $16.5 million in cash and assumed liabilities of approximately $0.5 million. The sale is expected to close prior to May 28, 2010. Caliper will continue to manufacture these products for Biotage under a three-year manufacturing supply arrangement. Approximately eight Caliper employees involved with these product lines will be offered positions with Biotage.
“This acquisition represents an opportunity for Biotage to combine our best-in-class SPE consumables with robust automation to create workflow solutions for our customers,” said Torben Jorgensen, President and CEO of Biotage. “Caliper built an excellent reputation in this market and is working closely with us to ensure current customers will continue to receive the same high level of service and support through a period of transition and beyond.”