Enzo Biochem to acquire Axxora Life Sciences for $16.3 million

LAUSEN, Switzerland—Enzo Biochem Inc. announced late last month that its wholly owned subsidiary, Enzo Life Sciences Inc., signed a definitive agreement to acquire Axxora Life Sciences Inc., a privately owned global manufacturer and marketer of life sciences research products, for approximately $16.3 million in cash. Upon completion of the acquisition, Axxora will become a wholly owned subsidiary of Enzo Life Sciences and will significantly expand Enzo's life sciences product development, production and marketing capabilities.

Axxora's ALEXIS Biochemicals division, based in Lausen, is an internationally recognized brand and a leader in manufacturing, in-licensing and commercializing high-quality reagents in key research areas. Axxora's Apotech division, also based in Switzerland, is engaged in the discovery, development and production of new products in the field of immunology, apoptosis and inflammation.

"Axxora enjoys a strong international position as a developer, manufacturer and distributor of reagents addressing immunological and cellular research and the biochemical industries. We expect it to prove highly synergistic with regard to the activities of Enzo Life Sciences," says Barry Weiner, president of Enzo. "In addition to broadening our revenue base, the acquisition will significantly expand our distribution capabilities internationally, providing Enzo with a base to market its products throughout Europe and the rest of the world. It complements our Life Sciences business in many ways. Axxora will have access to Enzo Life Sciences' technological capabilities and unique platforms particularly in the growing areas of nucleic acid technology labeling and detection, where Enzo holds a solid proprietary position. We view this strategic transaction as the beginning of a program to build critical mass in our Life Sciences division via acquisition as well as by organic growth."

Axxora reported revenues of approximately $16 million in 2006 and has 60 employees worldwide. The company has wholly owned subsidiaries in the United States, Switzerland, Germany and the United Kingdom, as well as branch offices and distributors located in other major markets, and benefits from a history of profitability.