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October 12, 2007

Harvard Bioscience Establishes Spanish Subsidiary through Acquisition

  • Harvard Bioscience (HBIO) purchased Panlab for approximately $5 million in cash. This Barcelona company develops, manufactures, and distributes products and software for life science researchers primarily in the neuroscience area.

    “With the acquisition of Panlab, we are able to expand our distribution channels by establishing a subsidiary in Spain,” comments Chane Graziano, CEO of Harvard Bioscience. “In addition, the acquisition provides us access into a segment of the neuroscience research market that we estimate to be between $35 million and $70 million.”

    In particular, the transaction will strengthen the Harvard Apparatus franchise for specialty products within the life science research market, adds Graziano.

    “We expect annualized revenues of this acquisition to be between $8 and $10 million at current exchange rates and the full year impact for 2008 on our non-GAAP adjusted earnings per diluted share to be between $0.03 and $0.04,” says Graziano. “We also expect the acquisition will be accretive to our non-GAAP earnings per diluted share for the fourth quarter of 2007.”

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