Affymetrix and eBioscience complete merger
The merger between eBioscience and Affymetrix is complete.
Affymetrix may no longer be in contract negotiations regarding its acquisition of eBioscience Holding Company, as the deal has been completed.
It should increase the addressable markets held by Affymetrix by an annual sum of at least $2.5 billion (£1.6 billion), while boosting its product portfolio, with eBioscience an industry leader in the field of immunology and oncology diagnostics and oncology, as well as immunoassay reagents and flow crytometry.
President and chief executive officer of Affymetrix Dr Frank Witney explained purchasing eBioscience is an "important strategic step" for his firm.
It has provided the business with a "blue-chip portfolio of cell-based assays", he remarked, pointing out this is helping the business to diversify and identify new growth sectors.
"These new products are a critical part of our customers' workflow in our key target markets," the representative had previously noted.
Chief financial officer and executive vice-president Tim Barabe predicted the transaction will increase Affymetrix's operating income and gross margins in the fiscal year of 2012.
Posted by David Gleck
Source: Affymetrix press release, June 25th