Enzo Biochem, Inc announced the acquisition of substantially all of the US based assets of Biomol International, LP, of Plymouth and all of the stock of its two-wholly-owned United Kingdom subsidiaries.
Biomol is a privately owned global producer of over 3,300 specialty life science products for the areas of signal transduction, lipid research, apoptosis, neuroscience and drug discovery, with a research focus in the field of functional proteomics.
"This acquisition is in line with our strategy to grow Enzo Life Sciences, backed by our extensive IP estate, both organically and through acquisition," said Barry Weiner, Enzo President. "Coupling Biomol with our acquisition of Axxora Life Sciences less than a year ago, we have succeeded in transforming Enzo Life Sciences into a global manufacturer and marketer of reagents and systems spanning a wide spectrum of scientific applications. Biomol has annual revenues tracking nearly $11.5 million, and annual growth of about 9 per cent; this will help to speed Enzo's annual overall run rate toward the $100 million level. Biomol has a strong record of revenue and profit growth, and is expected to become accretive to Enzo's earnings, prior to purchase accounting adjustments. Moreover, Enzo's strong international presence will serve to enhance the worldwide marketing efforts of the Biomol product line".
"Biomol is a major addition to our life science business. Founded in 1983, it has an experienced management team, a proprietary product line, and facilities in Pennsylvania and in the UK that complement our existing manufacturing and marketing capabilities," added Weiner. "Their manufacturing capabilities should serve to enhance Enzo Life Sciences' operating margins. Moreover, its UK subsidiaries, Affiniti Limited and Affiniti Research Products Limited, are accredited under the ISO9001:2000 international quality management standard, providing Enzo with the ability to supply raw materials under the most rigorous quality standards".
With this acquisition, Enzo Life Sciences now has US operations in New York, Pennsylvania and California, and overseas facilities in Switzerland, the UK and Belgium, as well as more than 50 distributors worldwide.
The purchase price of $18 million is comprised of $15 million in cash and $3 million in unregistered stock, in addition to earn-outs over the next two years. Biomol's founders and senior management will remain actively involved with Enzo Life Sciences.
"We at Biomol are very pleased to join Enzo, and to further extend its already considerable life sciences capabilities," said Robert E. Zipkin, president of Biomol, and one of its founders. "In growing our company we have developed what we call the Biomol advantage, including cutting edge signal transduction products, innovative research tools, superior laboratory tested quality products, and outstanding technical support by scientists who understand product applications. We look with great anticipation to combining our operations with Enzo Life Sciences to expand our success to date".
Biomol's product offerings include enzymes and enzyme inhibitors, substrates, peptides, antibodies, and all-inclusive, easy-to-use assay systems. The company currently has approximately 50 employees in its US and UK facilities. 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.