HERCULES, CA -- (MARKET WIRE) -- August 14, 2006 -- Bio-Rad Laboratories, Inc. (AMEX: BIO) (AMEX: BIOb), a multinational manufacturer and distributor of life science research and clinical diagnostics products, announced today that it has signed a definitive agreement to acquire Ciphergen Biosystems, Inc.'s ProteinChip Systems® and worldwide technology rights to Surface Enhanced Laser Desorption/ Ionization (SELDI-TOF-MS) for approximately $20 million in cash. In addition, Bio-Rad will make a $3 million equity investment in Ciphergen. The acquisition provides Bio-Rad with access to leading protein analysis technology for the life science market and represents a significant addition to the company’s portfolio of products.
The acquisition includes manufacturing, sales, intellectual property, and a significant customer base. Under the terms of the agreement, Ciphergen will retain rights to the diagnostics market. Through a separate supply agreement, Bio-Rad will supply instruments and reagents to Ciphergen. The transaction is expected to close in the fourth quarter 2006 and is subject to approval by Ciphergen’s stockholders and other customary closing conditions.
“The study of proteins continues to be a rapidly growing area in the life sciences,” said Norman Schwartz, Bio-Rad President and CEO. “With the acquisition of Ciphergen products, Bio-Rad will be able to provide a broad range of proteomic tools from basic separations to full identification of proteins.”
About Ciphergen
Ciphergen Biosystems, Inc. is focused on the discovery, development and commercialization of high-value, molecular diagnostic products to improve patient care. Ciphergen, along with its prestigious scientific collaborators, has ongoing diagnostic programs primarily in oncology with an initial focus in ovarian and prostate cancer. Based in Fremont, California, more information about Ciphergen can be found on the Web at http://www.ciphergen.com.
About Bio-Rad
Bio-Rad Laboratories, Inc. (AMEX: BIO) (AMEX: BIOb), has remained at the center of scientific discovery for more than 50 years manufacturing and distributing a broad range of products for the life science research and clinical diagnostics markets. The company is renowned worldwide among hospitals, universities, major research institutions as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. Founded in 1952, Bio-Rad is headquartered in Hercules, California, and serves more than 70,000 research and industry customers worldwide through its global network of operations. The company employs over 5,000 people globally and had revenues of $1.1 billion in 2005. For more information, visit www.bio-rad.com.
Various statements made within this press release may constitute “forward-looking statements” for the purposes of the Securities and Exchange Commission’s “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. The forward-looking statements contained herein involve risks and uncertainties that could cause results to differ materially from the Company’s expectation.
For more information, contact: Christine Tsingos Vice President and Chief Financial Officer or Ron Hutton Treasurer
Bio-Rad Laboratories, Inc. 510-724-7000 Email Contact
SOURCE: Bio-Rad Laboratories
