Invitrogen acquires BioSource International
company BioSource International in a transaction totalling
approximately $130 million. This deal adds to Invitrogen's growing
collection of protein and primary antibody products reflected in
the acquisitions of Zymed Laboratories and Caltag Laboratories.
Additionally, it reinforces 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 $130 million (€107 million) deal will help bolster Invitrogen's technology portfolio not only in assay development but also in proteomics as a whole. Further details of the agreement were not disclosed.
BioSource specialises in the field of "functional proteomics," which concerns finding out the function of proteins. Genes mostly work through the production of proteins, which include antibodies and hormones. Invitrogen, by contrast, started selling products to help research on genetics.
"The acquisition of BioSource enables our company to continue its growth in the vital area of proteomics," said Gregory Lucier, chairman and CEO of Invitrogen Corporation.
"Moreover, the potential combination of BioSource's technology development and our brands helps us to achieve development of disease specific tools."
Invitrogen has long been a player in drug discovery and development and recently entered the area of diagnostics in the same role. Unlike many biotech companies, Invitrogen doesn't directly develop drugs. Instead, it sells the "tools" needed for biomedical research. In the last few years, Invitrogen has grown rapidly by buying other companies, giving it more revenue and a broader product offering.
A spokesman for Invitrogen corporation told DrugResearcher.com: "With this potential acquisition, we intend to expand our role as a technology provider to these new markets that BioSource already has a firm presence in."
BioSource employs more than 240 people around the world and reported sales of $13 million in the first six months of this year. The company has a history of innovation, including several first-to-market technologies and the introduction of more than 200 new products per year since 2001.
"We will be developing a comprehensive integration plan upon completion of the deal by the end of the year, however, at this time, no plans have been discussed."
The BioSource buyout is the latest in a string of acquisitions - 16 in six years - by Invitrogen. Invitrogen makes about 10,000 tools and tests that aid scientists in the discovery of new medicines and diagnostic tests.
In February, Invitrogen agreed to pay $380 million to acquire privately held Dynal Biotech of Norway.
