Roche to acquire BioVeris
Looking to expand its immunochemistry portfolio, Roche Diagnostics
GAITHERSBURG, Md.—Looking to expand its immunochemistry portfolio, Roche Diagnostics will acquire electrochemiluminescence (ECL) specialist BioVeris in a $600-million cash deal. As part of the acquisition deal, outgoing BioVeris CEO and Chairman Samuel Wohlstadter will establish two new companies based on vaccine-related IP and assets he will purchase from BioVeris, as well as a non-exclusive limited license to ECL technology.
"ECL is a highly innovative technology. In comparison with other detection technologies ECL offers distinct advantages such as enhanced sensitivity, short incubation times and broad measuring ranges," says Severin Schwan, CEO Division Roche Diagnostics. "This acquisition ensures that Roche will be able to provide unrestricted access to all customers and therefore represents a significant growth opportunity for our immunochemistry business."
The acquisition is subject to approval from BioVeris shareholders, certain regulatory approvals, and customary closing conditions, but is expected to close in Q3 2007.
