Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B), a multinational manufacturer and distributor of life science research and clinical diagnostics products, announced today that it has signed an agreement to acquire certain diagnostic businesses of Biotest AG for 45 million euros. The terms of the agreement were not disclosed at this time. The transaction is subject to certain closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2010.
Based in Germany, Biotest develops, manufactures, and markets pharmaceutical, biotherapeutic, and diagnostic products. Integrating Biotest's diagnostic business into Bio-Rad's product portfolio will broaden the company's offering in the area of immunohematology and provide Bio-Rad access to the U.S. markets with a full range of products. Biotest is listed on the SDAX on the Frankfurt Stock Exchange and has more than 2,000 employees worldwide.
"Biotest has an impressive reputation for offering quality products and customer service, and we believe their array of products in the area of immunohematology will fit in well with Bio-Rad's existing diagnostics business," said Norman Schwartz, Bio-Rad President and CEO.
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