Enzo Biochem Unit To Acquire Axxora Life Sciences, Inc. Global Reagent Manufacturer And Marketing Company
Acquisition Will Broaden Enzo's Life Science Activities and Expand Product Development, Production and Distribution Capabilities
New York - Enzo Biochem, Inc. announced today that its wholly owned subsidiary, Enzo Life Sciences, Inc., has 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 greatly expand Enzo's life sciences product development, production and marketing capabilities.
Axxora had revenues of approximately $16 million and 60 employees worldwide in 2006. Axxora has wholly-owned subsidiaries in the U.S., 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.
Axxora's ALEXIS Biochemicals division, based in Lausen, Switzerland, is an internationally recognized brand and an acknowledged 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's electronic marketplace enables customers to purchase research reagents from internationally recognized manufacturers covering all areas of the life sciences research reagents field.
"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," said 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. Furthermore, Axxora's strong European presence and operational capabilities, along with its state-of-the-art electronic information and ordering marketplace, which encompasses a wide range of diverse products, makes this transaction especially attractive. Finally, we view this strategic transaction as the beginning of a program to build critical mass in our Life Sciences division via acquisition as well by organic growth."
Carl W. Balezentis Ph.D., President of Enzo Life Sciences, commented that "Axxora has a proven leadership team and a strong international brand. We see significant growth opportunities through Axxora's broad international presence, the expansion of its reagent production, marketing capabilities, and its integration with Enzo Life Sciences' proprietary position in this dynamic field."
"We are excited that our well established life sciences business is joining an organization that shares our focus on providing innovative, high-quality research reagents," said Georges Chappuis, Ph.D., President and Chief Executive Officer of Axxora. "With our senior management team, including the heads of all our units, remaining in place following the acquisition, we believe that the combined organization will be strongly positioned to maximize new growth opportunities integrating Enzo's strong innovative research programs with Axxora's international marketing capabilities."
The acquisition is subject to customary closing conditions and is expected to close in early June 2007.
SOURCE: Enzo Biochem