Acquisition will give Enzo broader international reach.!--h2>
Enzo Biochem plans to acquire Axxora Life Sciences for approximately $16.3 million in cash. Axxora will become a wholly owned subsidiary of Enzo Life Sciences and will expand the company’s product development, production, and marketing capabilities.
Axxora had revenues of approximately $16 million and 60 employees worldwide in 2006, according to Enzo. It has wholly owned subsidiaries in the U.S., Switzerland, Germany, and the U.K.
“Axxora enjoys a strong international position as a developer, manufacturer, and distributor of reagents addressing immunological and cellular research and the biochemical industries,” notes Barry Weiner, president of Enzo. “We expect it to prove highly synergistic with regard to the activities of Enzo Life Sciences.
“In addition to broadening our revenue base, the acquisition will significantly expand our distribution capabilities internationally providing Enzo with a base to market its products throughout Europe and the rest of the world.
“Furthermore, Axxora’s strong European presence and operational capabilities, along with its state-of-the-art electronic information and ordering marketplace, which encompasses a wide range of diverse products, makes this transaction especially attractive.
The acquisition is expected to close in early June 2007.