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Caliper Completes Strategic Sale of Small Animal Services Subsidiary to Taconic
Date:12/14/2009

developed by Caliper for use with its IVIS instruments to determine the safety and efficacy of drug candidates. In addition, Taconic will be able to create new mouse models for in vivo imaging applications for use by customers in IVIS instruments, which is expected to stimulate further demand in the fast-growing field of optical imaging.

"We are pleased to complete the strategic sale of XenBio and form a partnership to expand customer access to LPTA models which are important tools for our imaging customers," commented Kevin Hrusovsky, president and CEO of Caliper. "This sale further improves our balance sheet and will enable us to drive greater investment in our IVIS imaging business. At the same time, through the remainder of our CDAS (formerly NovaScreen) business unit, we are able to consolidate our strategic pre-clinical CRO services in a single location and maintain our ability to offer services that are supportive of Caliper's core technologies," added Hrusovsky.

The total sale price for XenBio was approximately $11 million in cash, of which 10% will be held in escrow for potential indemnification claims until April 30, 2011. After the escrow and estimated transaction costs, Caliper expects to receive cash of approximately $9 million in the fourth quarter. In addition, Caliper will be eligible to receive future payments in connection with the distribution and supply agreement for Caliper's LPTA mouse models, and under the imaging services license agreement, each executed by Caliper and Taconic at the same time as the XenBio stock purchase agreement. BroadOak Partners acted as financial adviser to Caliper in connection with the transaction.

As a result of the transaction, Caliper updated its guidance for expected revenue for the fourth quarter of 2009 to a range of $33.0 to $35.0 million.

Caliper will host a conference call to discuss the transaction today, Monday, December 14, at 1:00 pm EST. To participate
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SOURCE Caliper Life Sciences, Inc.
Copyright©2009 PR Newswire.
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