Genetix to Acquire Applied Imaging for $18M
SAN JOSE, Calif., Sept. 7, 2006 -- Applied Imaging Corp., a supplier of automated imaging and image analysis systems, announced that it will be acquired by Genetix Group plc., the UK-based cell biology, proteomics and genomics health technology group, in an all-cash transaction valued at $18.3 million.
Under the terms of the agreement, which is subject to approval by Applied Imaging's stockholders, Genetix will pay $3.06 per share to acquire all of Applied Imaging's common stock. The deal is expected to close in the fourth quarter of 2006.
Based in New Milton, Hampshire, England, Genetix manufactures systems that reduce the time and cost of introducing new biopharmaceuticals. Its products include instruments and consumables that were used in the Human Genome Project and are now used in the genetic analysis of human diseases -- analyzing and selecting cells for the production of therapeutic proteins. In addition to its UK headquarters, Genetix has offices in Boston and Munich, Germany.
Applied Imaging supplies imaging and image analysis systems for fluorescence and brightfield microscopy. It is also developing a system for detecting, quantifying and characterizing circulating tumor cells from the blood of cancer patients.
"This proposed acquisition is consistent with our strategy to broaden and strengthen our capabilities in cell imaging and analysis. By diversifying our product portfolio and building our US presence, we will be better able to address global growth opportunities in the drug discovery and clinical diagnostics markets. Genetix's cell biology instruments and reagents complement Applied Imaging's imaging and image analysis systems and will help both companies to expand in the US, Europe and Asia," said Mark Reid, CEO of Genetix.
For more information, visit: www.aicorp.com
- The emission of light or other electromagnetic radiation of longer wavelengths by a substance as a result of the absorption of some other radiation of shorter wavelengths, provided the emission continues only as long as the stimulus producing it is maintained. In other words, fluorescence is the luminescence that persists for less than about 10-8 s after excitation.
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