Cell Biosciences, Inc., a private life sciences company focused on nanoproteomics, and Alpha Innotech Corp., a leading developer, manufacturer and marketer of digital imaging and analysis systems, recently announced that Cell Biosciences will acquire Alpha Innotech for $1.50 per share or approximately $17.9 million in cash. In 2008, Alpha Innotech achieved revenues of $17.6 million and was profitable on both an operating and a net income basis.
The completion of the transaction is subject to customary terms and conditions, including approval by the Alpha Innotech stockholders. The directors, executive officers and certain stockholders of Alpha Innotech, who collectively hold approximately 33 percent of the companyâ€™s outstanding common stock, have entered into agreements with Cell Biosciences pursuant to which they have agreed to vote their shares of Alpha Innotech common stock in favor of the transaction. The transaction is expected to be completed within the next 60 days.
Commenting on the acquisition, Tim Harkness, president and chief executive officer of Cell Biosciences, stated, â€œThis strategic acquisition marks an important milestone in our plan to create a profitable, high-growth protein analysis business with global reach.â€ He continued, â€œThere is a great strategic fit in people, products, technologies, and customers between Cell Biosciences and Alpha Innotech. I am particularly excited by the critical mass of talent and industry experience this combination creates.â€