PAULO ALTO, Calif., Nov. 5 /PRNewswire-FirstCall/ -- Varian, Inc. (Nasdaq: VARI) today announced that it has acquired the assets of Analogix, Inc., a privately owned company based in Burlington, Wisconsin, for approximately $11 million in cash plus assumed net debt, subject to certain net asset adjustments. The transaction also includes the opportunity for additional purchase price payments over three years, depending on future milestones and financial performance. Those future payments could total up to $4 million if performance targets are achieved.
Analogix is a technology leader in the development of consumables and instrumentation for automated compound purification, using flash chromatography, for the pharmaceutical industry.
"The acquisition of Analogix is strategic to the advancement of Varian's goal to grow applications based consumables products and to further broaden its product offering to the pharmaceutical industry," said Garry Rogerson, President and CEO, Varian, Inc. "Analogix has demonstrated an ability to successfully meet customer needs in the area of drug discovery and to grow its business rapidly in North America. Analogix products will now be distributed more effectively on a global basis via Varian's worldwide distribution network."
"The sale of Analogix to Varian is a win-win situation," said Nick DeMarco, President of Analogix. "With a dedicated group of employees, we have been able to bring the company to its current level of success. I am excited for both our employees and our customers to be able to take Analogix to the next level of development and distribution as part of Varian."
Flash chromatography is a technique used by medicinal chemists in the pharmaceutical industry to purify novel synthetic compounds quickly. The Analogix business produces consumables (pre-packed columns) and automated instrumentation to increase throughput in the critical purification step for organic compounds and peptides.
This acquisition is part of Varian, Inc.'s strategy to strengthen the company's product portfolio, especially in the area of laboratory consumables, with internal research and development and strategic acquisition of complimentary products and technologies.
About Varian, Inc.
Varian, Inc. is a leading worldwide supplier of scientific instruments and vacuum technologies for life science and industrial applications. The company provides complete solutions, including instruments, vacuum components, laboratory consumable supplies, software, training and support through its global distribution and support systems. Varian, Inc. employs approximately 3,900 people and operates manufacturing facilities in 13 locations in North America, Europe and Asia Pacific. Varian, Inc. had fiscal year 2007 sales of $921 million, and its common stock is traded on the NASDAQ Global Select Market under the symbol, "VARI." Further information is available on the company's Web site: http://www.varianinc.com.
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|SOURCE Varian, Inc.|
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