Acquisition is another step in firm’s quest to become a global manufacturer and marketer of reagents and systems.
Enzo Biochem acquired substantially all of the U.S. based assets of BIOMOL International and all of the stock of its two U.K. subsidiaries for $18 million ($15 million in cash and $3 million in unregistered stock) and earn-outs over the next two years. BIOMOL produces specialty life science products for the areas of signal transduction, lipid research, apoptosis, neuroscience, and drug discovery, with a research focus in the field of functional proteomics.
“This acquisition is in line with our strategy to grow Enzo Life Sciences, backed by our extensive IP estate, both organically and through acquisition,” says Barry Weiner, Enzo president. “Coupling BIOMOL with our acquisition of Axxora Life Sciences less than a year ago, we have succeeded in transforming Enzo Life Sciences into a global manufacturer and marketer of reagents and systems.”
BIOMOL has annual revenues tracking nearly $11.5 million and annual growth of about 9%, according to Weiner. The company also has a strong record of revenue and profit growth and is expected to become accretive to Enzo’s earnings, prior to purchase accounting adjustments, he adds.