Harvard Bioscience Inc announced the signing of a definitive agreement with Genetronics Biomedical Corporation to purchase the non-cash assets of its BTXDivision. The sale, which is subject to the approval of the stockholders of Genetronics and other customary conditions, is expected to close by the first week of February 2003. The terms of the sale are $3.7 million in cash, subject to certain adjustments, and a royalty on net sales of BTX products above certain sales targets.
The BTX Division sells electroporation and electrofusion products to research laboratory markets worldwide. As part of the acquisition, Harvard Bioscience will acquire rights to the BTX Division's new product line for high throughput applications.
Harvard Bioscience is a global developer, manufacturer and marketer of a broad range of specialized products, primarily scientific instruments, used to accelerate drug discovery research at pharmaceutical and biotechnology companies, universities and government laboratories worldwide.