December 21, 2007 — Affymetrix Inc. (Nasdaq:AFFX), a Santa Clara, Calif.,-based developer of microarray technology, has entered into a definitive agreement to acquire USB Corp., a privately held Cleveland, Ohio-based company that develops, manufactures and markets molecular biology and biochemical reagent products.
The acquisition will enable Affymetrix to accelerate development and commercialization of new genetic analysis products and increase the value of its current product portfolio, the company said in a news release.
Under the terms of the agreement, Affymetrix will pay approximately $75 million in cash to acquire USB. The transaction is expected to close in the first quarter of 2008, subject to customary closing conditions and regulatory approvals.
“The integration of USB’s biochemical reagents with Affymetrix’ current and future products will greatly accelerate our ability to develop and commercialize more complete customer solutions,” said Kevin King, president of Affymetrix. “USB is a recognized leader in the life sciences industry with strong brand equity and established manufacturing capabilities.
“This acquisition is a strategic fit for Affymetrix’ growth strategy and we expect it to be modestly accretive to our 2008 earnings per share, before anticipated charges relating to the transaction.”
USB develops enzymes, reagents and kits for life sciences research and industrial applications.