Enzo Biochem, Inc. (NYSE:ENZ) today announced the acquisition of
substantially all the assets of privately-owned Assay Designs, of Ann
Arbor, MI, for a purchase price of approximately $12.2 million in cash,
subject to post-closing purchase price adjustments based on Assay
Design’s working capital as of the closing date. The acquisition is
expected to be accretive to operating results. Founded in 1992, Assay
Designs sells worldwide a steadily expanding research product line that
includes kits and reagents for the detection and quantification of small
molecules and proteins that are important in inflammation and immunity,
oxidative and cellular stress, steroid and hormone biology, cell
signaling, and bioenergetics.
"This acquisition represents another important step in our strategy to
build Enzo Life Sciences,” said Carl Balezentis, President of Enzo Life
Sciences. "Assay Designs has annual revenues exceeding $11 million. Its
research product line which has a strong market and brand position
provides an effective complement to those products produced and marketed
globally by Enzo Life Sciences under the Alexis and Biomol brands, and
which lends itself to benefit from our Company’s growing international
marketing and sales capabilities in the life sciences field. Assay
Designs also provides us with vast experience in protein, antibody and
immunoassay development, and manufacturing.”
"Joining with Enzo Life Sciences is a natural progression for the
company,” said Daniel Calvo, President and CEO of Assay Designs. "Their
complementary product lines and global infrastructure will enable Assay
Designs to achieve accelerated growth and a stronger market position
than can be accomplished as a standalone company. We look forward to
participating in Enzo’s on-going expansion as a leader in the life
sciences and improving our position within the international scientific
community.”
"The acquisition of Assay Designs represents another step forward for
Enzo Biochem, which now will be approaching $100 million in annual
revenues,” said Barry Weiner, President of Enzo Biochem, Inc. "Moreover,
it underscores our strategies to position Enzo in the rapidly developing
fields of scientific and medical research and diagnostics, where the
practice of medicine is inevitably headed. Bringing healthcare costs
down is now a global priority. At the forefront of this effort will be
programs to identify illnesses long before they become critical and
require extended treatment and hospital stays. Enzo Life Sciences now
reaches a very broad market focused on these programs, and along with
the practical applications available through Enzo Clinical Labs, and our
IP base, our Company is uniquely positioned to participate in this
important effort.”
Assay Design’s senior management will remain actively involved with Enzo
Life Sciences. With this latest acquisition, Enzo Life Sciences now has
US operations in New York, Pennsylvania, Michigan and California, and
overseas facilities in Switzerland, the UK and Belgium, as well as more
than 50 distributors worldwide.
About Enzo
Enzo Biochem is engaged in the research, development, manufacture and
licensing of innovative health care products and technologies based on
molecular biology and genetic engineering techniques, and in providing
diagnostic services to the medical community. Enzo’s Life Sciences
division develops, produces and markets proprietary labeling and
detection products for gene sequencing, genetic analysis and
immunological research among others. Its catalog of over 33,000
products serves the molecular biology, drug discovery and pathology
research markets. The Company's therapeutic division is in various
stages of clinical evaluation of its proprietary immune regulation
medicines for uveitis and Crohn's Disease and conducts pre-clinical
research on several candidate compounds aimed at producing new mineral
and organic bone, including technology that could provide therapy for
osteoporosis and fractures, among other applications. Enzo’s Clinical
Labs division provides routine and esoteric reference laboratory
services for physicians in the New York Metropolitan and New Jersey
areas. Underpinning the Company’s technology and operations is an
extensive intellectual property estate in which Enzo owns or licenses
over 230 patents worldwide, and has pending applications for over 200
more. For more information visit our website www.enzo.com.
Except for historical information, the matters discussed in this news
release may be considered "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements include declarations regarding the intent, belief or current
expectations of the Company and its management. Investors are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties that could
materially affect actual results. The Company disclaims any obligations
to update any forward-looking statement as a result of developments
occurring after the date of this press release.
