June 9, 2006 – Arryx Inc., a Chicago nanotechnology company, is going to be acquired. The company announced that Haemonetics Corp. of Braintree, Mass., will acquire the outstanding shares of Arryx that it does not already own for $26 million in cash. Haemonetics and Arryx have been collaborating since October 2004 in developing and commercializing proprietary blood separation and processing technologies.
Arryx’s technology uses light to form optical traps to move and manipulate small objects. Using laser beams and holograms, the systems can independently and in parallel hold, move, separate, and otherwise manipulate hundreds of microscopic and nanoscopic objects. Arryx’s first product, the BioRyx 200 system, is used to handle cells and other objects in a laboratory environment.
In an investor conference call yesterday, Haemonetics management said the acquisition could enable the company to be more competitive in its existing markets as well as expand into new markets. The company declined however to name specific markets it intends to enter, citing a desire to keep its plans vague for competitive reasons.
“The acquisition of Arryx is a key component of our strategy to strengthen and diversify our own research initiatives and expand the business by leveraging our core competencies,” said Brad Nutter, Haemonetics’ president and CEO, in a prepared statement. “Nano-separation technology adds to our blood separation competency and provides us with a new technology platform. With Arryx technology and its world class research employees we can see opportunities to broaden our reach into new, adjacent markets.”
The company said it intends to keep all the Arryx staff, which numbers fewer than 20 — about 50 percent of whom are Ph.D. level scientists. It also intends to keep the group located in Chicago.
The company said it expects the transaction to close sometime in August. Investors in Arryx included Draper Fisher Jurvetson, Nanostart, LCMH Technology Investments, Ventures Midwest, ARCH Development Partners, and others.
– David Forman