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Sep 8, 2009

Cell Biosciences Purchases Alpha Innotech for $17.9M

  • Cell Biosciences is taking over Alpha Innotech for $17.9 million in cash. This acquisition expands the company’s protein-analysis business to include a global infrastructure and a larger product portfolio.

    Cell Biosciences will pay $1.50 per share, a 70.45% premium over Alpha Innotech’s closing price yesterday. Cell Biosciences will also assume $2.1 million of outstanding debt, net of cash. Cell Biosciences entered into agreements to raise an additional $19 million in cash in a Series C and a Series D preferred stock financing.

    Directors, executive officers, and certain stockholders of Alpha Innotech, who collectively hold approximately 33% of Alpha Innotech's outstanding common stock, have agreed to vote in favor of the transaction. The parties expect the transaction to be completed in approximately 60 days.

    Alpha Innotech uses high-sensitivity digital imaging systems for genomic and proteomic research. The company offers a range of products from entry-level gel documentation systems to systems for multiplexed fluorescence and proteomics applications. The company has sold over 10,000 systems worldwide. In 2008 the firm achieved revenues of $17.6 million and was profitable on both an operating and a net income basis. Alpha Innotech employs 62 people, primarily at its San Leandro, CA, headquarters.

    Cell Biosciences’ lead product is the CB1000, a nanofluidic immunoassay platform designed for ultrasensitive detection and characterization of oncoproteins and other signaling proteins in ultra-small biological samples. It is headquartered in Santa Clara, CA, and has 49 employees located in North America and Europe.


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