Cell Biosciences Enters Agreement To Acquire Alpha Innotech

Cell Biosciences and Alpha Innotech have entered into an agreement, by which Alpha Innotech will be acquired by Cell Biosciences for $1.50 per share, or approximately $17.9m in cash.

Together, Cell Biosciences and Alpha Innotech is said to create a global protein analysis business with a broad product line featuring both traditional and novel protein analysis technologies.

Under the terms of the agreement, Cell Biosciences will acquire Alpha Innotech for approximately $17.9m, or $1.50 per share, and will assume $2.1m of outstanding debt, net of cash.

However, the completion of the transaction is subject to customary terms and conditions, including approval by the stockholders of Alpha Innotech. The parties expect the transaction to be completed in approximately 60 days.

In connection with the transaction, Cell Biosciences has entered into agreements to raise an additional $19m in cash in a second closing of a Series C financing and a Series D financing led by the Wellcome Trust.

Tim Harkness, president and CEO of Cell Biosciences, said: “This strategic acquisition marks an important milestone in our plan to create a profitable, high-growth protein analysis business with global reach. There is a great strategic fit in people, products, technologies, and customers between Cell Biosciences and Alpha Innotech. I am particularly excited by the critical mass of talent and industry experience this combination creates.”