Advion BioSystems Announces the Acquisition of NanoTek
News Aug 17, 2007
Advion BioSciences, Inc. announces that its Advion BioSystems division has completed the acquisition of NanoTek, LLC. The addition of NanoTek to Advion’s micro and nano-scale LC-MS analytical platform enables the combined companies to assume a leadership position in micro-fluidic chemistry solutions.
Advion intends to provide a complete chemistry and analytics approach for imaging diagnostics, drug discovery and biomarker research. Prior to the acquisition, Advion had been the global distribution and support partner for NanoTek.
Joe Matteo, co-founder and CEO of NanoTek, will remain with Advion and serve as President of Advion’s Accelerated Chemistry Division, based in Knoxville,TN, and become a member of Advion’s Executive Committee. Advion plans to make significant investment in NanoTek R&D and chemistry development under Mr. Matteo’s leadership.
“This acquisition is extremely strategic for the company and accretive to earnings from day one. There are numerous synergies between the companies which became obvious to us as soon as we began the initial commercial partnership. We intend to rapidly accelerate the NanoTek global commercialization and extend the product lines into pre-existing demand areas” says David B. Patteson, CEO of Advion BioSciences, Inc.
“The acquisition is all about natural partnerships and very large opportunities” adds Joe Matteo. “We see the market potential in the same way, there are many ways to integrate our product lines and the customers embrace our combined vision. We could not have found a better partner, and this is a very strategic combination.”