Affymetrix Inc. has announced that it has entered into a definitive agreement to acquire USB Corporation, a privately held Cleveland, Ohio-based company that develops, manufactures and markets an extensive line of molecular biology and biochemical reagent products.
The acquisition will enable Affymetrix to accelerate the development and commercialization of new genetic analysis solutions and increase the value of its current product portfolio.
Under the terms of the agreement, Affymetrix will pay approximately $75 million in cash to acquire USB. The transaction is expected to close in the first quarter of 2008, subject to customary closing conditions and regulatory approvals.
"The integration of USB's biochemical reagents with Affymetrix' current and future products will greatly accelerate our ability to develop and commercialize more complete customer solutions," said Kevin King, president of Affymetrix.
"USB is a recognized leader in the life sciences industry with strong brand equity and established manufacturing capabilities. This acquisition is a strategic fit for Affymetrix' growth strategy and we expect it to be modestly accretive to our 2008 earnings per share, before anticipated charges relating to the transaction," he continued.
"Affymetrix is a pioneer in the life science research market that continues to set the standard in genetic analysis by successfully commercializing its innovations," said Mike Lachman, CEO and president of USB. "The USB and Affymetrix combination drives higher customer value today and opens the door to new and emerging market opportunities for tomorrow."