Invitrogen plans to purchase CellzDirect for approximately $57 million in cash. CellzDirect provides hepatocyte-based cell products and related services used in the testing of new drugs.
The transaction is expected to close in the first quarter of this year. The acquisition should be EPS neutral in fiscal 2008 and become accretive in fiscal year 2009.
CellzDirect was founded in 2001 and employs approximately 90 people at its sites in North Carolina and Austin, TX. Revenue for calendar year 2007 is expected to be approximately $18 million, according to Invitrogen.
“Combining with Invitrogen will enhance our already strong position in the primary cell market,” notes Scott Edelman, CellzDirect’s CEO. “We expect CellzDirect’s growth rates to benefit from cross-promotion and combination with Invitrogen’s technologies for cell culture, molecular biology, and fluorescent detection and from Invitrogen’s sales, marketing, and distribution capabilities.”