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PerkinElmer Announces Intent to Acquire Euroscreen Products S.A.

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PerkinElmer, Inc. has announced that it has signed an agreement with Euroscreen S.A., entitling it to acquire Euroscreen S.A.'s majority owned subsidiary, Euroscreen Products S.A., in a cash transaction.

Based in Gosselies, Belgium, Euroscreen Products is a provider of G protein-coupled receptor (GPCR) membranes, cell lines, and the AequoScreen™ aequorin-based cellular assay platform used in pharmaceutical and biotech drug discovery laboratories. The transaction is expected to be completed in the first quarter of 2007.

“This transaction would represent the next step in our strategy to build the most comprehensive offering in cellular screening and drug discovery reagent technologies," said Gregory L. Summe, chairman and chief executive officer of PerkinElmer, Inc.

"The AequoScreen platform would give PerkinElmer the ability to meet the growing demands of our pharmaceutical and biotechnology customers with a complete GPCR screening solution that improves performance and reduces workflow costs, while dramatically increasing lab productivity."

Under the terms of the planned transaction, Euroscreen Products would transfer its portfolio of GPCR screening tools and its exclusive global license to aequorin technology, granted by the University of Georgia Research Foundation Inc., to PerkinElmer.

Aequorin technology, based on a naturally occurring photoprotein, generates large, luminescent signals that result in higher quality data, while reducing the number of false positives in high throughput and ultra-high throughput screening environments.
"We are excited about the opportunity to work with PerkinElmer, sharing new ideas on product development and science," said Dr. Jean Combalbert, CEO of Euroscreen S.A.

"We expect the combination of the Euroscreen Products portfolio and PerkinElmer's robust global distribution channels would accelerate the adoption of this exceptional screening technology by the world's leading pharmaceutical and biotechnology laboratories."

"The sale of our products division would enable us to reinforce our strategy dramatically by funding our drug discovery and tailored screening service activities," he continued.