WALTHAM, Mass., Sept. 13 /PRNewswire-FirstCall/ -- Thermo Electron Corporation , the world leader in analytical instruments, announced it has completed the acquisition of InnaPhase Corporation, a premier supplier of Laboratory Information Management Systems (LIMS) for the pharmaceutical and biotechnology markets, for approximately $65 million in cash, subject to a post-closing adjustment. Headquartered in Philadelphia, InnaPhase has over 100 employees and expects revenues of approximately $26 million in 2004. With this acquisition, Thermo extends its position as the largest provider of LIMS products and services in the world.
InnaPhase's flagship Watson(TM) LIMS is the leading product in drug development laboratories and the industry standard for bioanalytical applications. InnaPhase's products will be integrated with Thermo's informatics product line, which includes SampleManager(TM), the leading LIMS for large analytical laboratories.
"The InnaPhase team brings deep industry expertise and world-class software development capabilities," commented Marijn E. Dekkers, Ph.D., president and CEO of Thermo Electron Corporation. "The addition of InnaPhase's pharmaceutical LIMS technology broadens and strengthens the array of solutions that Thermo is able to provide its customers in key applications such as proteomics and ADME/TOX. As customers continue to standardize on informatics products and vendors, Thermo is strategically positioned to offer a broad portfolio of integrated solutions with the industry expertise and resources required for successful implementations."
"Bringing together the proven, innovative products and the industry knowledge represented by people from both organizations -- along with Thermo's best-in-class instrument, equipment and service capabilities -- will allow us to provide a breadth of solutions for our customers that is unequaled in the industry," commented Jo Webber, Ph.D., former CEO of InnaPhase. She has been newly appointed to general manager of Thermo's informatics business.
About Thermo Electron
Thermo Electron Corporation is the world leader in analytical instruments. Our instrument solutions enable our customers to make the world a healthier, cleaner and safer place. Thermo's Life and Laboratory Sciences business provides analytical instruments, scientific equipment, services and software solutions for life science, drug discovery, clinical, environmental and industrial laboratories. Thermo's Measurement and Control business is dedicated to providing analytical instruments used in a variety of manufacturing processes and in-the-field applications, including those associated with safety and homeland security. Based near Boston, Massachusetts, Thermo has revenues of more than $2 billion, and employs approximately 10,000 people in 30 countries. For more information, visit http://www.thermo.com/.
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward- looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the heading "Forward-Looking Statements" in the company's Quarterly Report on Form 10-Q for the fiscal quarter ended July 3, 2004. These include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; dependence on customers that operate in cyclical industries; general worldwide economic conditions and related uncertainties; the effect of changes in governmental regulations; dependence on customers' capital spending policies and government funding policies; use and protection of intellectual property; exposure to product liability claims in excess of insurance coverage; retention of contingent liabilities from businesses we sold; realization of potential future savings from new productivity initiatives; implementation of new branding strategy; implementation of strategies for improving internal growth; the effect of exchange rate fluctuations on international operations; identification, completion and integration of new acquisitions; and potential impairment of goodwill from previous acquisitions. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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