Gyros and Protein Technologies said today they will merge to create a global provider of sample prep, synthesis, and bioanalytical tools. The value of the deal was not disclosed.
The merged company, to be called Gyros Protein Technologies, is designed to combine Gyros’ microfluidics, systems development, and immunoassay expertise with Protein Technologies’ deep knowledge in developing and manufacturing instruments for peptide synthesis.
Last year, Gyros launched Gyrolab xPlore™, an automated, nanoliter-scale, single CD immunoassay system, while Protein Technologies introduced the Prelude® X synthesizer, which incorporates novel efficient heating and ultraviolet (UV) monitoring technology for economical rapid synthesis of even the most difficult peptides.
Gyros and Protein Technologies said the combined company will build upon an installed base of more than 1000 instruments in biopharmaceutical and related markets, as well as double-digit revenue growth and EBITDA-positive operations.
Gyros Protein Technologies will have more than 100 employees based in the U.S. and Europe. The merged company will have development and manufacturing facilities in Uppsala, Sweden and Tucson, AZ, as well as a commercial site in Warren, NJ.
“The company has a strong base for further organic growth, supplemented with future M&A activity, which will be a focus of the company’s executives, shareholders, and board of directors,” Gyros CEO Dan Calvo said in a statement.
Calvo will serve as CEO of the merged company, while Protein Technologies Chairman David Patteson and CFO Erik Wiberg will hold the same positions with Gyros Protein Technologies.
Protein Technologies CEO Nate Cosper, Ph.D., will assist with the integration of the two companies by serving in a transitional role.
Major shareholders in Gyros Protein Technologies will be AP6 (Sixth Swedish National Pension Fund), which now holds a majority of Gyros shares, and Protein Technologies’ majority owner Ampersand Capital Partners.
The merger is expected to close within the next 30 days, the companies said, subject to closing conditions.
“The fields of proteins and peptides have merged, and hence so have we, creating a biotherapeutics discovery-to-production offering ideally positioning us for future expansion,” Patteson said.