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Cell Biosciences to Acquire Convergent Bioscience
Date:10/13/2010

SANTA CLARA, Calif., Oct. 13 /PRNewswire/ -- Cell Biosciences, Inc. today announced that it has entered into a definitive agreement to acquire Convergent Bioscience Ltd. for approximately U.S. $12 million in cash. The transaction is expected to close by the end of October, 2010.

Convergent Bioscience was founded in 1995 and employs 45 people, primarily at its headquarters in Toronto, Ontario. Convergent pioneered the use of imaging capillary electrophoresis for protein charge heterogeneity characterization, a critical quality control measurement performed during protein biologics production. Convergent's products have become the acknowledged gold standard for biologics charge heterogeneity quality control monitoring. More than 320 systems have been purchased by over 100 Pharma and Biotech companies globally for this purpose. Convergent's 2010 revenues are expected to be near U.S. $8 million.

This strategic acquisition will significantly expand Cell Biosciences' portfolio of protein analysis products and transform Cell Biosciences into the premier provider of capillary-based protein analysis technology. By acquiring Convergent Bioscience, with its strong position in biologics quality control, Cell Biosciences will gain access to an attractive, high-growth segment of the protein therapeutics market. This acquisition marks an important step toward Cell Biosciences' strategic goal of becoming a leading global provider of protein analysis technologies.

Commenting on the transaction, Tim Harkness, President and Chief Executive Officer of Cell Biosciences, said, "The strategic fit between Cell Biosciences and Convergent Bioscience is nearly perfect. Our NanoPro systems and the Convergent iCE280 are based upon similar technologies, but each platform has been optimized for distinct applications in distinct markets. We expect to realize immediate synergies across both organizations, ultimately leading to groundbreaking next-generation products for our
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SOURCE Cell Biosciences, Inc.
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