Navigation Links
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 customers."

Arthur Watson, President and Chief Executive Officer of Convergent Bioscience, added, "Cell Biosciences' technological expertise, worldwide distribution channels, and strong commitment to customers make it an ideal partner for Convergent. This combination will strengthen our ability to penetrate international markets and to develop innovative new products for biologics characterization."

In connection with the transaction, Cell Biosciences has entered into agreements to raise approximately $20 million in a Series F Preferred Stock financing led by Essex Woodlands Health Ventures. Existing investors, including The Wellcome Trust, Novo A/S, Domain Associates, Latterell Venture Partners, Royal Bank of Canada, The Vertical Group and Lansing Brown Investments, LLC have agreed to participate in the financing.

ABOUT CELL BIOSCIENCES

Cell Biosciences is a private life sciences company focused on defining the future of protein analysis. The Company develops instrumentation systems, sample preparation systems, software and assay products that drive discoveries in fields ranging from fundamental protein research to biomarker discovery and personalized medicine. With an installed base of over 10,000 systems, its customers include leading research institutions, pharmaceutical and biotechnology companies worldwide. Cell Biosciences is headquartered in Santa Clara, California. For more information, visit www.cellbiosciences.com.


'/>"/>
SOURCE Cell Biosciences, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. YM Biosciences To Present Poster On CYT387 At The European School Of Haematology International Conference
2. YM BioSciences licensee Pulmokine awarded NIH funding to develop small molecule drugs for pulmonary hypertension
3. YM BioSciences reports fiscal year end 2010 operational and financial results
4. Regado Biosciences to Present at the UBS Global Life Sciences Conference on September 22, 2010 in New York City
5. Sangamo BioSciences Announces Presentation at Two Upcoming Investor Conferences
6. Cardio3 BioSciences Publishes the Science Basis for C-Cure(R) in JACC
7. Signum Biosciences Names Braham Shroot as Chief Executive Officer
8. YM BioSciences announces conclusion of Phase I dose-escalation and expansion of ongoing CYT387 Phase I/II clinical study
9. CORRECTED: Ampio Pharmaceuticals Announces Completion of Negotiations for Acquisition of DMI BioSciences, Inc.
10. Ambit Biosciences Announces Transition in Company Leadership
11. Sangamo BioSciences Announces Second Quarter 2010 Conference Call and Webcast
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/22/2017)... , ... June 22, 2017 , ... ... announced the release of Limfinity® version 6.5, a content-packed update to the Limfinity® ... to gain a larger and more diverse base of customers among labs and ...
(Date:6/20/2017)... 2017  Kibow Biotech Inc., a pioneer in developing ... of a new patent covering a unique method for ... Patent and Trademark Office on May 23 rd ... of Bio award in 2014 in San ... approaches to chronic disease. Renadyl™, the first and only ...
(Date:6/19/2017)... ... 2017 , ... EDETEK, Inc., a clinical technology company focused ... two new additions of its award-winning cloud-based platform CONFORM™: Information Hub and Clinical ... Annual Meeting in Chicago, IL, June 19-22, 2017. , “Modern clinical trials use ...
(Date:6/16/2017)... ... 16, 2017 , ... CTNext , Connecticut’s go-to resource for entrepreneurial support, ... LOFT at Chelsea Piers in Stamford. , Nine finalists, all of whom are Connecticut-based ... an opportunity to secure $10,000 awards to help support business growth. The winners included:, ...
Breaking Biology Technology:
(Date:4/17/2017)... MELBOURNE, Florida , April 17, 2017 ... security technology company, announces the filing of its 2016 Annual Report ... Securities and Exchange Commission. ... Report on Form 10-K is available in the Investor Relations section ... well as on the SEC,s website at http://www.sec.gov . ...
(Date:4/11/2017)... , Apr. 11, 2017 Research and Markets ... 2017-2021" report to their offering. ... The global eye tracking market to grow at a CAGR ... Global Eye Tracking Market 2017-2021, has been prepared based on an ... the market landscape and its growth prospects over the coming years. ...
(Date:4/5/2017)...  The Allen Institute for Cell Science today announces ... portal and dynamic digital window into the human cell. ... application of deep learning to create predictive models of ... a growing suite of powerful tools. The Allen Cell ... publicly available resources created and shared by the Allen ...
Breaking Biology News(10 mins):