Caliper Life Sciences to acquire NovaScreen Biosciences for $22 million

By Jennifer Chiou

New York, Sept. 8 - Caliper Life Sciences, Inc. announced it has entered into an agreement to acquire NovaScreen Biosciences Corp.

Under the agreement, Caliper will purchase NovaScreen for $22 million, subject to adjustment, of which 80% will be paid in Caliper stock and 20% in cash.

In addition, the company will pay up to $8 million based on revenue milestones over a 30-month period.

"Through this acquisition we see significant opportunities to leverage Caliper's and NovaScreen's combined expertise and technologies to better serve the pharmaceutical industry - with immediate opportunities in the growing secondary screening and profiling market," Caliper president and chief executive officer Kevin Hrusovsky said in a news release.

"For example, our LabChip screening platform, which has been adopted by 75% of the top 15 pharmaceutical companies, is emerging as the gold standard for data quality and is ideal for kinase profiling.

"NovaScreen's safety profiling services are also highly regarded throughout the industry and we are optimistic that combining our LabChip, liquid handling and robotics technologies with NovaScreen's service expertise will enable us to expand and accelerate adoption of our products and technologies as well as play a leading role in the high-growth kinase screening market."

The company expects the acquisition to close during the fourth quarter.

Based in Hopkinton, Mass., Caliper develops and markets life science instruments for the pharmaceutical and biotechnology industries using advanced liquid handling and LabChip technologies.

NovaScreen develops drug discovery and development products with a focus on in-vitro screening assays and in-silico predictive screening tools. It has headquarters in Hanover, Md.

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