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news.Escalon Medical, a developer of ophthalmic diagnostic, surgical and pharmaceutical products, has announced that on December 31, 2008 pursuant to an asset purchase agreement it has completed the previously announced acquisition of the hematology business of Biocode Hycel, the French subsidiary of Immunodiagnostic Systems, a provider of in vitro diagnostic products.
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The acquired hematology business will continue to operate under the name Biocode Hycel, which has operations near Rennes, France. The business will be vertically integrated into Escalon’s clinical diagnostics business and its growing portfolio of brands, which also includes Drew Scientific and JAS Diagnostics.
The purchase price for the acquisition was E4.2 millions, of which E25,000 was paid upfront. The payment amount in US dollars will be determined on the payment due date, based on the then current exchange rate between the US dollar and the Euro.
Richard DePiano, Jr, president of Escalon Medical, said: This acquisition of hematology assets from Biocode Hycel is a natural extension of Drew’s business model and provides an immediate and significant presence in the French diagnostic market. Furthermore, the addition of proprietary hematology equipment, technology, and reagent formulas strategically broadens Drew’s well recognized product offering and enhances our strategy to leverage cross-selling and revenue growth opportunities.