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Market share for Bio-Rad; focused direction for
MorphoSys
February 2013
EDIT CONNECT
SHARING OPTIONS:
HERCULES, Calif.—Bio-Rad
Laboratories Inc., a multinational
manufacturer and distributor of life-science research and clinical diagnostic
products, announced Jan. 10 that
it had completed its acquisition of AbD
Serotec, a division of
Martinsried, Germany-based MorphoSys AG, for about $70
million
in U.S. dollars. The news that an acquisition deal was in the works and
awaiting customary closing conditions had come just a little less than a month
previous.
Touting the strengths of the newest member of the Bio-Rad
family, the company notes
that AbD Serotec "is one of the world's leading
antibody manufacturers," offering more than 15,000 antibodies, kits and
accessories. In addition,
AbD Serotec has an ISO 9001- and ISO 13485-certified
production facility in the United Kingdom and facilities in Germany and the
United States as
well.
Or, as Bio-Rad President and CEO Norman Schwartz put it,
"With AbD Serotec's comprehensive
catalog of antibodies, we are able to offer
our customers total assay solutions that can be validated on many of our
research platforms for Western
blotting, multiplex protein expression, ELISA
and cell sorting."
When the deal was first
announced Dec. 16, Brad Crutchfield,
president of Bio-Rad's Life Science Group, repeated much the same sentiment as
Schwartz, but also noted, "We are
impressed with the quality of AbD Serotec's
products as well as the company's reputation. With this acquisition, Bio Rad
will have access to a
comprehensive catalog of antibodies ... in addition, we
will be able to exploit a powerful in-vitro
technology to accelerate future antibody
generation."
According to the terms of the transaction, Bio-Rad acquired
all of MorphoSys' AbD
Serotec research reagent and diagnostic business,
comprising the AbD Serotec segment of MorphoSys AG as well as the subsidiaries
MorphoSys UK Ltd.,
MorphoSys AbD GmbH and MorphoSys U.S. Inc. In addition, the
transaction includes a fully paid-up, non-exclusive license agreement to use
MorphoSys'
HuCAL technology for diagnostic and research purposes.
Following the announcement of the deal in
December, Dieter
Feger, senior vice president at AbD Serotec, reached out to customers via the
company's website to say that AbD Serotec welcomed the
news and "sees this as a
great opportunity to work with one of the world's leading life-science and
clinical diagnostics companies. We will continue
to serve you with the same
commitment to quality and customer service; in that regard, nothing will
change."
For its part, the former parent company of AbD Serotec is
looking at the sale of the research and diagnostic antibody company
as a chance
to increase its focus on therapeutics.
"We are making great progress in our
therapeutic antibody
pipeline, which is a huge potential value driver for MorphoSys," according to
Dr. Simon Moroney, CEO of MorphoSys. "With the
sale of AbD Serotec, we will
bring a laser-like focus to driving growth in this, our area of core
competence."
"MorphoSys will concentrate on technology and drug
development," echoed Jens Holstein, chief financial officer of MorphoSys,
in
the company's news release about the sale. "It enables us to fully dedicate our
financial resources to the most significant value drivers. Bio-Rad
provides AbD
Serotec and its employees with an ideal environment in which to exploit its
potential in the research and diagnostic arena."
Zacks Investment Research was also upbeat about the
acquisition deal, writing in an investor's note that the
acquisition "will
enhance Bio-Rad's Life Science Research segment as well as its mainstay
Clinical Diagnostic franchise" and expects the transaction
to strengthen
Bio-Rad's market position.
"With an improved portfolio, Bio-Rad should be able to gain
an edge over its competitors," Zacks noted. "Also, higher revenues and
substantial goodwill enhancement seems to be on the cards for the company
due
to the complementary portfolio of AbD Serotec. We are rather optimistic
regarding Bio-Rad's ability to accelerate growth via inorganic means."
Bio-Rad acquires cell-sorting system from Propel
Labs
HERCULES, Calif.—Bio-Rad Laboratories Inc. also announced
last month its acquisition of a new
cell-sorting system from Propel Labs. Under
the terms of
agreement, Bio-Rad has acquired an automated, easy-to-use benchtop
sorting flow cytometer. The instrument will be offered by Bio-Rad as the S3
Cell
Sorter. First shipments went out in January. Other terms of the agreement
were not disclosed.
Due
to their size, complexity and maintenance, cell sorting
instruments have been traditionally found in shared research service
facilities. The compact
size, ease-of-use and affordability of the S3 Cell
Sorter offers individual researchers the ability to conduct cell sorting on
their benchtop,
according to Bio-Rad.
"With this acquisition, we benefit from Propel Labs' years
of expertise
in cell sorting," said Brad Crutchfield, president of Bio-Rad's
Life Science Group. "The S3 Cell Sorter fits in well with Bio-Rad's existing
product workflow and will offer researchers greater access to targeting
specific cells in their experiments and ultimately increasing the sensitivity
of their assays." Code: E021308 Back |
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