MOUNTAIN VIEW, Calif., July 15 -- Caliper Technologies Corp., a microfluidic lab-on-a-chip technology developer, announced today it has completed the acquisition of Hopkington, Mass.-based Zymark Corp., a provider of laboratory automation, liquid handling and robotics solutions to the life sciences, biotechnology and pharmaceutical industries. Caliper has purchased Zymark for approximately $57 million and 3.15 million shares of Caliper common stock. The agreement also provides for a potential additional earn-out stock component of up to 1.575 million shares of Caliper stock if specified targets for sales of Zymark products are met in 2003 and 2004.
As a result of the acquisition, Zymark has become a wholly owned subsidiary of Caliper and will continue to sell products under its own name. The combined company will offer a portfolio of laboratory automation products for accelerating drug discovery and development in the life sciences, pharmaceutical and biotechnology industries.
Caliper will move its headquarters to Hopkinton, Mass. Kevin Hrusovsky, Zymark's CEO, has become the company's new president and CEO and has joined Caliper's board. Michael Knapp, PhD, formerly Caliper's CEO, will be the company's new CTO. In connection with the Hrusovsky's appointment to Caliper's board of directors, Knapp has stepped down from the board. Jim Knighton will remain CFO and COO of Caliper during a transition period. Dan Kisner will remain Caliper's chairman of the board. In connection with the acquisition, Caliper will appoint one nominee of The Berwind Co. LLC, the private diversified holding company that owned Zymark, to Caliper's board.
For more information, visit: www.calipertech.com