Cambrex To Acquire Poietic Technologies

Cambrex Corp. has signed a letter of agreement to acquire Poietic Technologies, Inc., a supplier of normal human cells of hematopoietic origin, for $2.5 million cash and future consideration based on business performance. Poietic sells to research laboratories in the pharmaceutical and biotechnology industries as well as academia.

James A. Mack, president and CEO of Cambrex, commented that, "Poietic will strengthen and expand BioWhittakers Clonetics product line with its bone marrow and umbilical cord based products. While the business today is in its infancy, it will add to BioWhittaker's growth rate and will be slightly accretive to earnings immediately."

President and owner of Poietic, Dr. Kim Warren, will remain with the business and continue to manage operations at the Gaithersburg, MD facility. However, BioWhittaker will provide selling effort through its United States and European technical selling teams plus finance, administrative and regulatory support.

For more information: Cambrex Corp., One Meadowlands Plaza, East Rutherford, NJ 07073. Telephone: 201-804-3000. Fax: 201-804-9852.