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Fluidigm to Acquire DVS Sciences

Published: Wednesday, January 29, 2014
Last Updated: Wednesday, January 29, 2014
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The acquisition consideration of approximately $207.5 million consists of a combination of Fluidigm common stock and cash.

Continuing its strategy of delivering disruptive single-cell analysis capabilities to life science researchers around the world, Fluidigm Corporation has entered into a definitive agreement to acquire DVS Sciences, Inc. to create a single-cell technology powerhouse. Combined with DVS, Fluidigm will be able to offer a comprehensive portfolio of advanced technologies serving the rapidly growing single-cell genomics and proteomics markets.

DVS is best known for its multi-parameter single-cell protein analysis systems. DVS’s principal product is the CyTOF®2 Mass Cytometer, which analyzes antibody/metal complexes using atomic mass spectrometry. The technology enables high-parameter single-cell protein analysis for applications in biological research.

Fluidigm expects to fund the cash portion of the acquisition consideration primarily using proceeds from a proposed convertible notes offering. Subject to customary closing conditions, the transaction is currently expected to close in February 2014, at which point DVS would become a wholly-owned subsidiary of Fluidigm.

“We have long been interested in companies whose technologies are directly in-line with our strategy, have strong top-line growth, and whose management teams fit Fluidigm culturally and would be committed to the success of the combined enterprise. We waited for the perfect fit and believe we have found such a gem with DVS Sciences,” said Gajus Worthington, Fluidigm President and Chief Executive Officer. “DVS’s mass cytometry technology combines the advantages of high-throughput flow cytometry with the accuracy and resolution of mass spectrometry, enabling high-parameter single-cell protein analysis. We believe the acquisition of DVS will increase Fluidigm’s single-cell revenue immediately, as well as increase our addressable market to include the approximately $300 million high-end research flow cytometry segment. It also expands our analytical breadth to include single-cell protein analysis.”

"The merger of DVS with Fluidigm will provide exciting new product synergies around single-cell analysis for our customers as well as increased support networks and a wider reach into new markets,” said Joe Victor, President and Chief Executive Officer of DVS. "DVS is excited to be able to have the opportunity to jointly develop with Fluidigm new technologies, products and applications for our target life sciences markets.”

“At DVS, our goal has been to accelerate life sciences research and transform drug discovery via high-parameter bio-analysis. Early on we recognized that studying biology at the single-cell level provides new and important scientific insight. Researchers increasingly need high dimensional, single-cell analysis. The combination of DVS’s technology for protein analysis and Fluidigm’s technology for nucleic acid analysis provides researchers with solutions that could transform single-cell analysis for life sciences research, drug development, and potentially diagnostics,” said Dr. Scott Tanner, DVS’s Chief Technology Officer and Co-Founder. “We are delighted to join Fluidigm to champion the power of single-cell analysis and help pave the way for future breakthrough discoveries in biology.”

Several members of DVS’s management, operations and research and development teams – including Co-Founders Tanner, Dmitry Bandura, and Vladimir Baranov will join Fluidigm, subject to closing of the merger, to drive the integration of the organizations and support the continued growth of the combined business into the future.

Piper Jaffray & Co. is acting as exclusive financial advisor to Fluidigm and Wilson Sonsini Goodrich & Rosati P.C. is serving as Fluidigm's legal counsel. Jefferies LLC is acting as exclusive financial advisor to DVS and Latham & Watkins LLP is serving as DVS's legal counsel.

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