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Life Technologies (LIFE) (JOBS) Signs Definitive Agreement to Acquire AcroMetrix


1/12/2010 6:44:22 AM

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CARLSBAD, Calif.--(BUSINESS WIRE)--Life Technologies Corporation, a provider of innovative life science solutions, today announced that it has signed a definitive agreement to acquire AcroMetrix, for an undisclosed amount.

AcroMetrix is a provider of molecular and serological diagnostic quality control products to clinical laboratories, blood screening centers and in-vitro diagnostic (IVD) manufacturers. Diagnostic controls allow a laboratory to achieve better standardization across systems and are more economically efficient to use than “homebrew” control reagents.

“With the growth of DNA and other molecular based tests, there is a growing need for high quality, independently provided controls to ensure the accuracy and integrity of laboratory test results,” said Gregory T. Lucier, Chairman and Chief Executive Officer of Life Technologies. “The acquisition of AcroMetrix builds on our substantial business of providing tools and technologies into the molecular diagnostics industry.”

Life Technologies holds a significant portfolio of molecular diagnostics products that comprise more than $300 million of the company’s revenue, including components such as magnetic beads, fluorescent dyes and specific antibodies, which can be custom designed for diagnostics manufacturers. The company also provides the SPOT-Light® HER2 CISH Kit for assessment of breast cancer patients; the Dynachip® System for automated HLA antibody screening; and molecular diagnostic instruments such as the 3500 Dx Series Genetic Analyzer, cleared for diagnostic use in certain European countries, and the 7500 Fast Dx Real-Time PCR instrument. The 7500 Fast and 7500 Fast Dx instruments have received Emergency Use Authorization from the Food and Drug Administration for surveillance of the Influenza A (H1N1) virus and have been used by public health agencies worldwide.

“The addition of AcroMetrix will accelerate the expansion of our focused commercial channel for reaching molecular diagnostics customers, both with the current product portfolio and with assays in development,” said Mark Stevenson, Life Technologies’ President and Chief Operating Officer. “Our objective is to become the technology partner of choice to organizations worldwide that are building out their molecular diagnostic capabilities.”

“We’re pleased to add our superior line of products to Life Technologies’ comprehensive suite of offerings in the molecular diagnostics market,” said Michael J. Eck, President and Chief Executive Officer of AcroMetrix. “Our customers will now benefit from even greater investment in new molecular products designed to meet the needs of clinical laboratories.”

The transaction is subject to customary closing conditions. Life Technologies does not expect this transaction to have a material effect on its financials in fiscal year 2010.

About Life Technologies (www.lifetechnologies.com)

Life Technologies Corporation (NASDAQ: LIFE - News) is a global biotechnology tools company dedicated to improving the human condition. Our systems, consumables and services enable researchers to accelerate scientific exploration, driving to discoveries and developments that make life even better. Life Technologies customers do their work across the biological spectrum, working to advance personalized medicine, regenerative science, molecular diagnostics, agricultural and environmental research, and 21st century forensics. Life Technologies had sales of more than $3 billion in 2008, employs approximately 9,500 people, has a presence in more than 100 countries, and possesses a rapidly growing intellectual property estate of approximately 3,600 patents and exclusive licenses. Life Technologies was created by the combination of Invitrogen Corporation and Applied Biosystems Inc., and manufactures both in-vitro diagnostic products and research use only-labeled products. For more information on how we are making a difference, please visit our website: www.lifetechnologies.com.

Life Technologies’ Safe Harbor Statement

This press release includes forward-looking statements about our anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and Life Technologies’ plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect” and the like, and/or future tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Life Technologies with the Securities and Exchange Commission. Life Technologies undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

Contact:

Life Technologies Corporation Corporate Communications Farnaz Khadem, (760) 603-7245 farnaz.khadem@lifetech.com or Investor Relations Eileen Pattinson, (760) 268-7408 Eileen.Pattinson@lifetech.com


Read at BioSpace.com


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