Caliper Completes Acquisition of NovaScreen
News Oct 06, 2005
Caliper Life Sciences, Inc. has announced the closing of its previously announced planned acquisition of NovaScreen BioSciences Corporation.
The acquisition combines NovaScreen's screening, profiling and assay development services with Caliper's LabChip® and advanced liquid handling products to provide the pharmaceutical and biotechnology industry with a central resource for drug discovery solutions.
“By integrating and leveraging NovaScreen's expertise and technology, Caliper has become a “one-stop shop” for scientists and researchers,” said Kevin Hrusovsky, president and CEO of Caliper Life Sciences.
Customers can rely on Caliper for all in vitro drug discovery needs - technologies, products, leading screening assays and profiling services.”
“We have immediately gained a stronghold in the outsourced assay development and screening markets, especially the high-growth market of secondary screening and profiling services.”
“Caliper's technology has been adopted by the majority of top pharmaceutical companies because Caliper understands the evolving needs of the industry and provides solutions that meet these needs,” said David Manyak, president and CEO of NovaScreen.
“Caliper's presence within the industry, combined with NovaScreen's broad assay development and screening services, will position Caliper to address the unmet needs of companies working to discover safer drugs, faster.”
Consistent with the terms of the previously announced agreement, Caliper purchased NovaScreen for $22 million, subject to future adjustment based on certain financial parameters.
NovaScreen shareholders can also earn up to $8 million contingent on the achievement of defined revenue milestones over a 30-month period.
The closing consideration was paid 80 percent in Caliper common stock and 20 percent in cash.