Cell Biosciences to acquire Alpha Innotech
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Bangalore: Cell Biosciences, a life sciences company has announced to acquire Alpha Innotech. Cell Biosciences will pay $1.50 per share, or approximately $17.9 million in cash as per the agreement. Haseeb Chaudhary Co-Founded Alpha Innotech is a developer, manufacturer and marketer of digital imaging and analysis systems for the life science research and drug discovery markets. It has sold over 10,000 systems worldwide. Its customers include pharmaceutical and biotechnology companies, universities, medical centers, government research institutes and worldwide agencies. The company had a revenue of $17.6 million in 2008. Santa Clara based Cell Biosciences develops instrumentation systems, software and assay products that reveal previously undetectable information about cellular control pathways. Its customers include institutions in the fields of cancer research, stem cell biology and diabetes. This agreement is expected to create a global protein analysis business with a broad product line featuring both traditional and novel protein analyst technologies. "There is a great strategic fit in people, products, technologies and customers between Cell Biosciences and Alpha Innotech," said Tim Harkness, President and CEO, Cell Biosciences. "I expect the agreement to create great value for our customers and employees, and to generate exceptional products for the protein research community," commented Ron Bissinger, CEO, Alpha Innotech. Under the terms of the agreement, Cell Biosciences will assume $2.1 million of outstanding debt and net of cash of Alpha Innotech. The directors, executive officers and certain stake holders have agreed to agreement with Cell Biosciences, as they collectively hold 33 percent stake in the company. The transaction is expected to be completed in 60 days. Along with the transaction, Cell Biosciences will raise an additional $19 million in cash in a second closing of a Series C preferred stock financing and a Series D preferred stock financing led by its investor Wellcome Trust. Existing investors Domain Associates, Novo A/S, Latterell Venture Partners, The Vertical Group and Royal Bank of Canada have agreed to participate in the financing. BroadOak Capital Partners served as financial advisor to Alpha Innotech in connection with the transaction.

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