Sartorius acquires cell screening specialist IntelliCyt
Sartorius announced the acquisition of U.S. based IntelliCyt Corporation, an award-winning innovator and manufacturer of novel cell screening platforms used in drug discovery. Through the acquisition, Sartorius expands its current lab portfolio into bio analytics, thus substantially strengthening its offering for biopharma customers and academia.
Sartorius purchased IntelliCyt for $90 million in cash, which includes approx. $5 million in future tax savings. The company focuses on pharma, biotech and academic customers, and achieved strong double-digit annual growth during the past few years. Based in Albuquerque, New Mexico, USA, IntelliCyt currently employs 55 people and is expected to generate sales revenues of more than $18 million in 2016 (2015: $13.4 million) and to break even on underlying EBITDA by year-end 2017.
"Novel cell screening methods are crucial to enable scientific progress in the fast-expanding research areas of immuno-oncology, antibody discovery and immune targets. IntelliCyt has developed a powerful platform that integrates instruments, reagents and software seamlessly across the workflow. This is a great addition to our laboratory products portfolio", said Joachim Kreuzburg, CEO of Sartorius.
Welcoming the transaction, R. Terry Dunlay, the founder, President and CEO of IntelliCyt, said, "By coupling the global market presence and strong infrastructure of Sartorius with IntelliCyt's enabling cell analysis platform, we will be better able to deliver value to our customers, further penetrate our core markets, and grow the business to the next level."
Source: Sartorius AG