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news.Affymetrix, a developer of consumables and systems for genetic analysis, has entered into a definitive agreement to acquire Panomics, a provider of assay products for a variety of low to mid-plex genetic, protein and cellular analysis applications.
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Under the terms of the agreement, Affymetrix will pay approximately $73 million in cash to acquire Panomics. The transaction is expected to close by the end of 2008, subject to customary closing conditions and regulatory approvals.
The acquisition is expected to strengthen Affymetrix’s position in high-growth validation and routine-testing market segments. The combination will also enable a more complete customer workflow, beginning with whole-genome Affymetrix microarray studies and then focusing on genes and proteins of interest with the Panomics products.
Kevin King, president of Affymetrix, said: “Panomics presented a great opportunity for Affymetrix to enter new high-growth market segments, enhance our recently acquired liquid array platform and create further operating leverage.
“As one company, we will be able to serve a much larger customer base around the world with a broader product portfolio that offers a more complete analysis workflow, enabling customers to perform experiments not possible on any other platform.”