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news.IBEX Technologies, a manufacturer of proprietary enzymes used in pharmaceutical research, has purchased Iowa-based Bio-Research Products (BRP).
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BRP is involved in the production of enzymes, lectins, protease inhibitors, organics, substrates and assay solutions for diagnostic, industrial and research use.
IBEX Technologies president and CEO Paul Baehr said, "In addition to an expanded product line of enzymes, BRP brings an excellent manufacturing facility with a skilled professional staff including expert scientists in protein purification, characterization and analysis."
Under the transaction, BRP, which will retain its name, will be operated under IBEX as a subsidiary.
BRP president and founder Bryce Cunningham said, "After having spent so many years building the company, I am happy to see, for the sake of our employees and our customers, that BRP will find a home with a company like IBEX, which shares our values and our aspirations."
IBEX said the acquisition, which will have no impact on its fiscal 2013 earnings, is expected to be accretive in fiscal 2014.
The shareholders of BRP will receive $2,000,000 in cash and future earn out to a maximum of $700,000, as per the terms of the acquisition.