Bio-Rad Signs Agreement to Acquire Certain Diagnostics Businesses of Biotest AG
HERCULES, CA -- (Marketwire) -- 10/23/09 -- Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B), a multinational manufacturer and distributor of life science research and clinical diagnostics products, announced today that it has signed an agreement to acquire certain diagnostic businesses of Biotest AG for 45 million euros. The terms of the agreement were not disclosed at this time. The transaction is subject to certain closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2010.
Based in Germany, Biotest develops, manufactures, and markets pharmaceutical, biotherapeutic, and diagnostic products. Integrating Biotest's diagnostic business into Bio-Rad's product portfolio will broaden the company's offering in the area of immunohematology and provide Bio-Rad access to the U.S. markets with a full range of products. Biotest is listed on the SDAX on the Frankfurt Stock Exchange and has more than 2,000 employees worldwide.
"Biotest has an impressive reputation for offering quality products and customer service, and we believe their array of products in the area of immunohematology will fit in well with Bio-Rad's existing diagnostics business," said Norman Schwartz, Bio-Rad President and CEO.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B) has remained at the center of scientific discovery for more than 50 years, manufacturing and distributing a broad range of products for the life science research and clinical diagnostic markets. The company is renowned worldwide among hospitals, universities, major research institutions, as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. Founded in 1952, Bio-Rad is headquartered in Hercules, California, and serves more than 85,000 research and industry customers worldwide through its global network of operations. The company employs approximately 6,500 people globally and had revenues exceeding $1.7 billion in 2008. For more information, visit www.bio-rad.com.
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