Transaction will provide a base for company to advance molecular diagnostics.!--h2>
Celera plans to purchase Berkeley HeartLab (BHL) for approximately $195 million in cash. BHL is a cardiovascular healthcare company with a portfolio of CLIA certified tests and disease management services focused on the secondary prevention market.
“This acquisition provides Celera with a commercial infrastructure to drive adoption of many of its emerging new molecular diagnostic tests that predict risk and individualize treatment in cardiovascular disease,” remarks Kathy Ordonez, president of Celera. “Celera's genetic markers that are intended to identify people at risk for early heart attacks, stroke, and blood clots and optimize therapy with cholesterol-lowering drugs, aspirin, anticoagulants, and other cardiovascular drugs should augment Berkeley HeartLab's current disease management offerings to patients.”
BHL participates in the estimated $7.8 billion U.S. market for personalized cardiovascular disease management, which currently is growing over 10% annually, according to Celera. The company provides a risk management program that includes lipid and other cardiovascular and metabolic testing services.
The transaction is expected to close during the second quarter of fiscal 2008. Celera predicts that the acquisition will be accretive to earnings in the second half of fiscal 2008. The company anticipates that BHL's annual revenues will exceed $85 million in 2007 with double-digit year-over-year growth. In 2006 BHL reportedly recorded EBIT margins in excess of 17%.