MorphoSys Acquires Serotec to Strengthen Global Research Antibody Business
News Jan 13, 2006
MorphoSys AG has announced the acquisition of Serotec group. The acquisition of Serotec triples MorphoSys' existing Research Antibody Segment revenues and establishes the Company as the leading supplier of research antibodies and antibody research technologies in Europe.
The purchase price of approximately GPB 20 million (approx. EUR 29.3 million) will be paid via approximately GPB 14 million (approx. EUR 20.5 million) cash and through the issuance of 208,560 new MorphoSys shares from a capital increase against contribution in kind.
Serotec provides MorphoSys with a distribution network including subsidiaries and sales offices in the U.S., U.K., Germany, France and Scandinavia.
It is intended that Serotec becomes a wholly owned subsidiary of MorphoSys AG and integrated within MorphoSys' existing research antibody business represented to date by the Biogenesis and Antibodies by Design brands.
All three research antibody business units will operate under the umbrella brand AbD - Antibodies Direct.
In January 2005 MorphoSys announced the acquisition of U.K. and U.S.-based Biogenesis group.
The acquisition of Biogenesis was a first strategic step to expand the research antibody unit by adding a comprehensive catalogue antibody and contract antibody manufacturing business and this announcement represents a further development of this same strategy.
MorphoSys's present Management Board will retain their present positions in the enlarged MorphoSys group.
"This transaction will accelerate MorphoSys's growth in the research antibody space and gives us a leading position in this market," commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG.
"The acquisition and integration of Biogenesis in 2005 marked a significant step in our strategy to penetrate new markets for our proprietary HuCAL® technology."
"With the acquisition of Serotec, MorphoSys further develops this strategy and gains critical mass for our research antibody business."
"Its broad customer base and strong position within the research antibody market makes Serotec a very attractive company for MorphoSys," says Dieter Lingelbach, Senior Vice President at MorphoSys AG and head of the research antibody businesses.
"Serotec's diverse product portfolio and its leading position in the anti CD marker antibodies segment are the perfect addition to our current offering."
"We are very excited to join the MorphoSys group as part of the expanding research antibody unit," commented Ed Bernard, Founder and Chairman of Serotec.
"As before, Serotec's mission will be to provide researchers with superior antibody tools, such as HuCAL®, that allow us to keep pace with the ever-changing demands of the market. Combining forces with MorphoSys is the perfect fit to achieve this goal."