Cell Biosciences to Pick Up Convergent Bioscience for $12M
Acquisition strengthens company’s protein-analysis portfolio of products.!--h2>
Cell Biosciences is purchasing Convergent Bioscience for approximately $12 million in cash. This acquisition will expand Cell Biosciences' portfolio of protein-analysis products. In connection with the transaction, Cell Biosciences has entered into agreements to raise approximately $20 million in a Series F Preferred Stock financing led by Essex Woodlands Health Ventures.
Convergent Bioscience was founded in 1995 and employs 45 people, primarily at its headquarters in Toronto. It leverages imaging capillary electrophoresis for protein charge heterogeneity characterization, a critical quality-control measurement performed during protein biologics production.
Convergent says that more than 320 systems have been purchased by over 100 pharma and biotech companies globally for this purpose. Convergent's 2010 revenues are expected to be almost $8 million.
“The strategic fit between Cell Biosciences and Convergent Bioscience is nearly perfect,” comments Tim Harkness, president and CEO of Cell Biosciences. “Our NanoPro systems and the Convergent iCE280 are based upon similar technologies, but each platform has been optimized for distinct applications in distinct markets.”
Cell Biosciences’ NanoPro systems enable characterization of proteins in samples that have as few as 25 cells per assay. The NanoPro 100 is a benchtop system designed for lower-throughput laboratories and individual investigators. Up to 12 samples are analyzed in each NanoPro 100 run. NanoPro 1000 is a fully automated platform, and each run analyzes up to 96 samples. Both platforms use the same assay and capillary chemistry so that assays can be transferred between the two systems.
Cell Biosciences, headquartered in Santa Clara, CA, develops instruments, sample-preparation systems, software, and assay products. With an installed base of over 10,000 systems, its customers include research institutions as well as pharmaceutical and biotechnology companies worldwide.