Caliper to acquire CRi for multispectral tissue imaging technology
Hopkinton, MA and Woburn, MA--Caliper Life Sciences (Nasdaq: CALP), a provider of products and services for drug discovery research, entered into a definitive agreement to acquire privately-held Cambridge Research & Instrumentation (CRi) for approximately $20.0 million, including net debt. CRi's patented preclinical and tissue-based multiplexed analysis systems for optical molecular imaging and other scientific disciplines will expand Caliper's life sciences tools portfolio, particularly as it bridges into clinical research, pathology, and clinical market applications.
CRi’s multispectral imaging technology is revolutionizing the analysis of tissue samples. Over the last decade, CRi has successfully formed relationships with leading universities, medical institutions, and pharmaceutical and biotechnology companies around the globe. Researchers at Pfizer, Merck, Novartis, Dana Farber Cancer Center, Stanford, and Baylor College of Medicine have employed CRi’s inForm, Nuance, Vectra and Maestro products to perform high throughput, quantitative imaging of intact tissue, simultaneous analysis of multiple biomarkers, and multispectral imaging of small animals.
Under the agreement, in exchange for all of CRi’s outstanding equity securities, Caliper will issue common stock valued at approximately $10.5 million, pay cash of approximately $7.5 million, and assume CRi indebtedness of approximately $2.0 million. CRi’s revenues are expected to be approximately $12.0 million in 2010 and the technology should deliver a 20%+ growth rate upon reconfiguration and integration into Caliper’s portfolio and operations. Ultimately, Caliper’s entry into the emerging digital and multiplexed pathology market segment has the potential to deliver a substantially greater growth profile based on the coming anticipated success of OMI markets.
"CRi’s advanced platforms add an important new dimension of capability to our suite of next-generation life science tools, and positions Caliper to further address biomarker discovery and companion diagnostics solutions for personalized medicine development programs," said Kevin Hrusovsky, President and CEO of Caliper Life Sciences. "This acquisition extends the reach of Caliper's proprietary offerings along the in vitro to in vivo bridge by filling the gap in tissue analysis platforms. Similar to the approach we used in our successful commercialization of other disruptive technologies such as microfluidic LabChips and whole animal optical imaging systems, we see an opportunity to leverage CRi’s advanced multiplex technology towards unmet needs in a rapidly changing market, in this case the billion-dollar tissue imaging and digital pathology clinical research market. With CRi’s technologies in our toolkit, we will be able to offer a more comprehensive suite of tools and services to address the important emerging trend toward personalized medicine."
CRi’s headquarters and manufacturing operations will be consolidated with Caliper’s existing operations in Hopkinton, MA. The manufacturing relocation is expected to occur in mid-2011, at which time the CRi Woburn facility will be closed. Approximately 75% of CRi’s 49 employees will be offered continuing employment with Caliper.
SOURCE: Caliper Life Sciences; www.caliperls.com/about/news-media-center/press-releases/press-release-20101209.htm
Posted by:Gail Overton
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