PALO ALTO, Calif., Feb. 27 /PRNewswire-FirstCall/ -- Varian, Inc. announced today that it has taken a significant step toward expanding its information rich detection (IRD) portfolio by acquiring Fourier Transform mass spectrometry (FTMS) technology through its acquisition of Southern California-based IonSpec Corporation. The acquisition will increase the company’s participation in faster growing life science applications, in particular in the study of proteins, nucleic acids and drug metabolites. The initial cash purchase price is approximately $16 million, including the pay down of assumed debt. The transaction also includes an opportunity for an additional purchase price payment if FTMS products reach specified financial targets over a three-year period.
FTMS instruments are used in laboratories around the world to discover the function and structural characterization of proteins and other biomolecules in various biological systems. This information provides scientists with fundamental knowledge of how cells work and how diseases evolve, leading to new diagnostic research and new drug targets. FTMS is increasingly important because it offers the most accurate mass determination and the highest possible resolution of any type of MS instrument available today.
“We are particularly excited about acquiring this technology because it will accelerate Varian’s information rich detection product drive into life sciences research around the world,” said Garry W. Rogerson, President and CEO, Varian, Inc. “Additionally, FTMS technology complements our already strong range of nuclear magnetic resonance (NMR) products and by folding them into our portfolio, we’ll be able to better meet the needs and requirements demanded by many of our global customers.”
This acquisition is part of Varian, Inc.'s strategy to strengthen the company’s IRD product portfolio, which provides users with multi-dimensional layers of knowledge critical to their ability to optimize analyses and processes. These products include nuclear magnetic resonance (NMR) and magnetic resonance (MR) imaging, mass spectrometry (MS) and Fourier Transform- infrared (FT-IR) systems.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including those relating to: anticipated revenues and anticipated impact on earnings. These forward-looking statements are based on management’s current expectations, are not guarantees of future performance, and involve certain risks and uncertainties that could cause the Company’s actual results to differ materially from management’s current expectations and the forward-looking statements made in this press release. Those risks and uncertainties include, but are not limited to, whether and how quickly we successfully integrate and further develop IonSpec Corporation’s FT-MS technology; and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission. We disclaim any intent or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise.
About Varian, Inc.
Varian, Inc. is a leading worldwide supplier of scientific instruments and vacuum technologies for life science and industrial applications. The company provides complete solutions, including instruments, vacuum components, laboratory consumable supplies, software, training, and support through its global distribution system. Varian, Inc. employs approximately 3,700 people and operates manufacturing facilities in 13 locations in North America, Europe, and the Pacific Rim. Varian, Inc. had fiscal year 2005 sales of $773 million (excluding the divested Electronics Manufacturing business), and its common stock is traded on Nasdaq under the symbol, “VARI.” Further information is available on the company’s Web site: www.varianinc.com.
Contact: Lauren Lum of Varian, Inc., +1-650-424-5286, or lauren.lum@varianinc.com, or Investor Relations of Varian, Inc., +1-650-213-8000, ext. 3752, or ir@varianinc.com.
Varian, Inc.
CONTACT: Lauren Lum of Varian, Inc., +1-650-424-5286, orlauren.lum@varianinc.com, or Investor Relations of Varian, Inc.,+1-650-213-8000, ext. 3752, or ir@varianinc.com
Web site: http://www.varianinc.com//
