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Cell Biosciences Signs Agreement to Acquire Alpha Innotech

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Cell Biosciences, Inc. and Alpha Innotech Corp. have announced that they have entered into a definitive agreement providing for the acquisition of Alpha Innotech by Cell Biosciences for $1.50 per share, or approximately $17.9 million in cash.

This acquisition would significantly expand Cell Biosciences’ protein analysis business to include a global infrastructure and a broad protein analysis product portfolio.

Founded in 1992, Alpha Innotech is a pioneer in the use of high-sensitivity digital imaging systems for genomic and proteomic research. The company offers a broad range of best-in-class products, from entry-level gel documentation systems to premier systems for multiplexed fluorescence and proteomics applications.

Cell Biosciences is a private life sciences company established in 2004, and is focused on revolutionizing protein and biomarker research.

The combination of Cell Biosciences and Alpha Innotech would create a global protein analysis business with a broad product line featuring both traditional and novel protein analysis technologies.

Under the terms of the agreement, Cell Biosciences will acquire Alpha Innotech for approximately $17.9 million, or $1.50 per share, and will assume $2.1 million of outstanding debt, net of cash. The completion of the transaction is subject to customary terms and conditions, including approval by the stockholders of Alpha Innotech.

The directors, executive officers and certain stockholders of Alpha Innotech, who collectively hold approximately 33% of Alpha Innotech's outstanding common stock, have entered into agreements with Cell Biosciences pursuant to which they have agreed to vote their shares of Alpha Innotech common stock in favor of the transaction. The parties expect the transaction to be completed in approximately 60 days.

In connection with the transaction, Cell Biosciences has entered into agreements to raise an additional $19 million in cash in a second closing of a Series C Preferred Stock financing and a Series D Preferred Stock financing led by its largest investor, The Wellcome Trust. Existing investors Domain Associates, Novo A/S, Latterell Venture Partners, The Vertical Group and Royal Bank of Canada have agreed to participate in the financing.

BroadOak Partners served as financial advisor to Alpha Innotech in connection with the transaction.