HOLLISTON, Mass.--(BUSINESS WIRE)--Harvard Bioscience, Inc. (NASDAQ: HBIO) today announced it has completed the sale of its Genomic Solutions Division and its Belgian subsidiary, Maia Scientific, both part of its Capital Equipment Business Segment, to Digilab, Inc. The purchase price payable by Digilab under the terms of the Asset Purchase Agreement consists of $1,000,000 in cash plus additional consideration in the form of an earn-out based on 20% of the revenue generated by the acquired business as it is conducted by Digilab over a three-year period post-transaction. The Asset Purchase Agreement contains customary representations, warranties, indemnification and escrow provisions. Under the structure of the sale, Harvard Bioscience retains the rights to certain deferred tax assets, which are currently offset by valuation allowances. The COPAS flow cytometry product line (held by our Union Biometrica US and German subsidiaries), was not included in this sale, and Harvard Bioscience intends to pursue a sale of this product line in a separate transaction.
