Serologicals Announces Completion of Acquisition of LINCO
News May 03, 2006
Serologicals financed a portion of the purchase price for LINCO from the proceeds of a new credit facility, which was closed simultaneously with the acquisition.
The new credit facility includes a $50 million term loan and a $50 million revolving credit facility.
JPMorgan Chase Bank, N.A. is the administrative agent for the credit facility. Its affiliate, JP Morgan Securities, Inc., was the lead arranger for the credit facility.
"We are very excited to announce the completion of the LINCO acquisition," said David A. Dodd, President and CEO of Serologicals.
"LINCO offers consistently strong financial performance. With double-digit revenue growth, attractive gross margins of 60%+, and solid R&D investments, this acquisition will serve to strengthen our Research segment's financial profile."
"Strategically, the LINCO acquisition offers the following attributes:
- Premier, high-quality reputation of immunoassay reagents and kits;
- Renowned leadership in the field of endocrinology and metabolic diseases;
- Greater ability to address customer needs through a comprehensive reagents portfolio with Upstate's focus on cell signaling and LINCO's strengths in cytokine and chemokine research;
- Value creation through significant revenue and operational synergies by integrating LINCO into our Research Segment."
"In summary, we believe the addition of LINCO will serve to enhance Serologicals' growth and sustainability in this dynamic marketplace."
As genome editing technologies advance toward clinical therapies, they are raising hopes of a completely new way to treat disease. However, challenges need to be addressed before potential treatments can be widely used in patients. To tackle these challenges, the National Institutes of Health has launched the Somatic Cell Genome Editing program, which has awarded multiple grants including more than $3.6 million to assess the safety of genome editing in human cells and tissues.