FREMONT, Calif., Jan. 7, 2014 /PRNewswire/ -- WaferGen Bio-systems, Inc. (QTCQB: WGBS) announced today the acquisition of the NGS library preparation business from IntegenX Inc. Pursuant to the asset purchase agreement, WaferGen Bio-systems, Inc., through Wafergen, Inc., its wholly owned subsidiary, acquired on January 6, 2014 substantially all of the assets of IntegenX's product line used in connection with developing, manufacturing, marketing and selling instruments and reagents relating to library preparation for NGS, including the Apollo 324TM instrument and PrepX® reagents. The purchase price for the acquired business was composed of (1) an up-front cash payment of $2.0 million, (2) a $1.25 million secured promissory note due on January 6, 2017 (repayable early in certain circumstances), (3) up to three earn-out payments payable based on certain revenue thresholds in 2014, 2015 and 2016, respectively, and (4) Wafergen, Inc.'s assumption of certain liabilities related to the acquired business. Additional information on the transaction can be found in WaferGen's Report on Form 8-K filed with the SEC on January 6, 2014.
"We are very excited about adding IntegenX's NGS library prep business to our product portfolio. It is highly synergistic with our existing products, especially our NGS target enrichment SmartChip TETM offering," stated Ivan Trifunovich, President and CEO of WaferGen Bio-systems. "Serving the same customer base, the two products together address a wide spectrum of customer needs in sample preparation for NGS and enable one-stop shopping for laboratories performing targeted sequencing. The fully automated Apollo 324TM library prep solution has been a market leader in the low to medium throughput NGS market segment with an expanding installed base, serving a diverse set of clients from unive
|SOURCE WaferGen Bio-systems, Inc.|
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