GOETTINGEN, Germany, Oct 31, 2008 (BUSINESS WIRE) -- Sartorius Stedim Biotech GmbH (SSB) (Paris:DIM), a group subsidiary of the biotechnology supplier Sartorius Stedim Biotech, signed an agreement to acquire the Swiss-based technology company Wave Biotech AG. Both companies have already been closely working together since 2006. In addition to their joint research projects, Sartorius Stedim Biotech has been exclusively marketing Wave's entire product range that covers various types of single-use bioreactors and further equipment for biopharmaceutical research and manufacture. During the current financial year, SSB's sales revenue with Wave products is expected to amount to approximately 10 million euros. The acquisition, which is subject to clearance by the antitrust authorities, is expected to be completed in December 2008. Financial terms were not disclosed.
In the recent years, Sartorius Stedim Biotech has systematically extended its strong position in classic and disposable fermentation technologies through its own research and development, numerous technology alliances and strategic acquisitions. In the company's drive forward, its acquisition of Wave is a key building block. "We are acquiring a company with a very strong track record in innovation and with competencies in fermentation that are outstandingly complementary with our own breadth of expertise in this area. In making this move, we are reinforcing our position in the fast-growing segment of single-use systems for cell cultivation over the long run," said Dr. Joachim Kreuzburg, CEO of Sartorius Stedim Biotech, about the acquisition.
Wave Biotech AG is among the globally leading companies for disposable bioreactors, which are an innovative alternative to traditional reusable stainless steel systems. These bioreactors are used by the biopharmaceutical industry to produce vaccines and monoclonal antibodies, for instance. Only recently out on the market for a few years, Wave bioreactors have become quickly established on the market. They offer biopharmaceutical manufacturers countless advantages over conventional systems, such as more flexible process designing and significantly lower costs for cleaning and validation. Wave Biotech AG is based in Tagelswangen near Zurich, Switzerland, and was founded in 1999 by three brothers, Christian, JA 1/4rg and Marcel RAll.
"Our successful sales and marketing alliance has shown that Sartorius Stedim Biotech and Wave are a perfect match. I am excited about being able to work together soon with SSB's Cell Culture and Fluid Management teams under one group umbrella and to develop new, innovative cell culture solutions for our customers," said Wave's majority shareholder, Marcel RAll.
Sartorius Stedim Biotech is a leading provider of cutting-edge equipment and services for the development, quality assurance and production processes of the biopharmaceutical industry. Its integrated solutions covering fermentation, filtration, purification, fluid management and lab technologies are supporting the biopharmaceutical industry around the world to develop and produce drugs safely, timely and economically. For next generation processes, Sartorius Stedim Biotech focuses on single-use technologies and value-added services to meet the rapidly changing technology requirements of the industry it serves. Strongly rooted in the scientific community and closely allied with customers and technology partners, the company is dedicated to its philosophy of "turning science into solutions" on a daily basis.
Headquartered in Aubagne, France, Sartorius Stedim Biotech is listed on the Eurolist of Euronext Paris. With its own manufacturing and R&D sites in Europe, North America and Asia and a global network of sales companies, Sartorius Stedim Biotech enjoys a worldwide presence. Its key manufacturing and R&D site is in Germany. The company employs over 2,300 people, and in 2007 generated pro forma sales revenue of 375.9 million euros.
This press release contains statements about the future development of the Sartorius Stedim Biotech Group. We cannot guarantee that the content of these statements will actually apply because these statements are based upon assumptions and estimates that harbor certain risks and uncertainties.
SOURCE: Sartorius Stedim Biotech
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