OCEANSIDE, Calif., Nov. 29 /PRNewswire-FirstCall/ -- SeraCare Life Sciences, Inc. , today announced that it has signed an agreement to purchase the Milford, MA diagnostic manufacturing facilities and product lines of the Celliance subsidiary of Serologicals Corporation for $3.7 million in cash plus the assumption of certain liabilities.
Michael F. Crowley, Jr., President and CEO of SeraCare Life Sciences said, “This acquisition will increase our portfolio of products in the areas of molecular diagnostic reagents, diagnostic intermediates and substrates. In connection with this acquisition, we will assume the lease on Celliance’s state of the art manufacturing, storage and distribution facility located near our West Bridgewater manufacturing site. We believe the proximity of these two diagnostic manufacturing facilities will allow us to achieve synergies in the areas of manufacturing, staffing and distribution.”
SeraCare expects the acquisition to be accretive to earnings by the first fiscal quarter following the closing of the acquisition, which, subject to the satisfaction of customary closing conditions, is expected to be completed in January 2006.
About SeraCare Life Sciences
SeraCare Life Sciences, Inc. is a manufacturer and supplier of biological materials and services essential for the use and manufacture of diagnostic tests and the discovery, development and commercial production of pharmaceuticals. The Company’s offerings include plasma-based therapeutic products, diagnostic products and reagents, cell culture products, specialty plasmas, in vitro stabilizers, and the Global Repository(R), comprised of clinical samples (DNA, RNA, tissue, and serum) for use in the drug discovery and development processes. SeraCare is headquartered in Oceanside, CA, and maintains facilities in Cambridge and West Bridgewater, MA; Frederick and Gaithersburg, MD; and Hatboro, PA. For more information please visit http://www.seracare.com or divisional web sites at http://www.bbii.com and http://www.getdna.com.
Safe Harbor For Forward-Looking Statements
Certain statements contained in this press release may be deemed to be forward looking statements under federal securities laws, and the Company intends that such forward looking statements be subject to the safe harbor created thereby. Such statements include the Company’s expectation that (i) the asset acquisition will increase its portfolio of products in the areas of molecular diagnostic reagents, diagnostic intermediates and substrates (ii) the proximity of the Celliance manufacturing facility and the Company’s West Bridgewater manufacturing facility will allow the Company to achieve efficiencies in the areas of manufacturing, staffing and distribution, (iii) the asset acquisition will be accretive to the Company’s earnings by the first fiscal quarter following the closing of the acquisition, and (iv) the closing of the acquisition will be completed in January 2006. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward- looking statements. Such factors include, but are not limited to (i) the ability of the parties to the acquisition agreement to timely satisfy each of the conditions to closing, (ii) the Company’s ability to integrate the acquired operations into its own, (iii) the Company’s ability to retain the customers from the acquired operations, and (iv) the Company’s access to adequate blood and plasma raw materials on terms consistent with its existing contracts. Information on these and additional factors that could affect the Company and its financial results is included in the Company’s report on Form 10-K for the year ended September 30, 2004 filed with the Securities and Exchange Commission (SEC) as well as the Company’s other public filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
SeraCare Life Sciences, Inc.
CONTACT: Tim Ryan of The Trout Group, +1-212-477-9007, x24, ortryan@troutgroup.com, for SeraCare Life Sciences, Inc.
