Clinical Data, Inc and Beckman Coulter, Inc announced that the companies have signed a definitive agreement for Beckman Coulter to acquire Clinical Data's Cogenics division, a global leader in outsourced genomics services, for approximately $17.0 million. The sale will complete a key element of Clinical Data's strategic initiative to monetize non-core assets and focus resources on advancing the company's two late-stage targeted therapeutic programmes. The acquisition of Cogenics complements Beckman Coulter's Agencourt Biosciences' business, which delivers genomic services and nucleic acid purification products, and expands its reach into new territories.
"We expect the combination of Beckman Coulter's Agencourt business with Cogenics will create a leading global genomic service business with a wide range of services arrayed on multiple technology platforms," said Susan Evans, vice president and general manager of Agencourt. "We are excited about the new opportunities and confident that these combined offerings will enable us to meet the full spectrum of service requirements -- sequencing, genotyping, gene expression, and DNA and RNA extraction -- for researchers around the world."
Under terms of the agreement, Clinical Data will receive approximately $15.4 million at the closing, which is expected in April. In addition, Clinical Data expects to retain approximately $2.0 million in cash from Cogenics immediately prior to the sale. In exchange, Beckman Coulter will acquire all of Cogenics' operations in the U.S., UK, Germany and France.
"This important transaction represents an integral part of our strategic plan to focus our resources on developing targeted therapeutics and advancing proprietary biomarker programs," said Drew Fromkin, president and CEO of Clinical Data. "The sale of Cogenics to Beckman Coulter also creates substantial near-term value and cost savings through the divestiture of a non-core programme as we approach the completion of our phase-III registration trial of vilazodone, expected in the second calendar quarter of 2009. We are confident that Beckman Coulter's Agencourt business, which is already widely recognized for high quality genomics services, will build upon the success of Cogenics in delivering the industry's most innovative solutions to a growing list of customers."
Cogenics' genomics solutions span current and next generation sequencing, gene expression, clinical and non-clinical genotyping, biomanufacturing support, nucleic acid extraction and biobanking for both research and regulated environments.
Cogenics' customers include leading pharmaceutical and biotechnology companies, US National Institutes of Health agencies, government and academic researchers in the international life science community, and major agricultural companies and agencies.
Clinical Data is a global biotechnology company unlocking the potential of genomic discovery, from targeted science to better healthcare.
Beckman Coulter, Inc., based in Orange County, California, develops, manufactures and markets products that simplify, automate and innovate complex biomedical tests. More than 200,000 Beckman Coulter systems operate in laboratories around the world, supplying critical information for improving patient health and reducing the cost of care.