MorphoSys AG has announced that it has agreed to sell its research and diagnostic antibody segment AbD Serotec to Bio-Rad Laboratories, Inc., a multinational manufacturer and distributor of life science research and clinical diagnostic products.
The total consideration amounts to approximately EUR 53 million and will be settled in cash.
The total consideration comprises the purchase price, compensation for cash reserves in the AbD Serotec companies in the amount of approximately EUR 5 million and a license payment for the use of the HuCAL technology in the research and diagnostic markets.
The transaction is subject to certain closing conditions, and is expected to be completed in January, 2013.
"This transaction was done to enable an increased focus on our therapeutic business segment", commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG.
Dr. Moroney continued, "We are making great progress in our therapeutic antibody pipeline, which is a huge potential value driver for MorphoSys. With the sale of AbD Serotec, we will bring a laser-like focus to driving growth in this, our area of core competence."
According to the terms of the transaction, Bio-Rad Laboratories will acquire all of MorphoSys's 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 US, Inc.
In addition, the transaction includes a fully paid-up, non-exclusive license agreement to use MorphoSys's HuCAL technology for diagnostic and research purposes.
"As a result of today's transaction MorphoSys will concentrate on technology and drug development. It enables us to fully dedicate our financial resources to the most significant value drivers," commented Jens Holstein, Chief Financial Officer of MorphoSys AG.
Holstein continued, "Bio-Rad provides AbD Serotec and its employees with an ideal environment in which to exploit its potential in the research and diagnostic arena."