Affymetrix (NASDAQ:AFFX)
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Affymetrix Inc. (Nasdaq:AFFX) today announced the completion of its
acquisition of USB Corporation, a privately held Cleveland, Ohio-based
company that develops, manufactures and markets an extensive line of
molecular biology and biochemical reagent products. In connection with
the completion of the acquisition, USB stockholders received
approximately $75 million in cash.
“The acquisition of USB immediately expands
our talent base, enhances our whole-product solution offering and
creates new, long-term growth opportunities,”
said Kevin King, president of Affymetrix. “Our
customers will now be able to take advantage of a stronger portfolio of
GeneChip® products
today and the incorporation of next-generation sequencing reagents into
the products of tomorrow."
USB is a leading developer, manufacturer and supplier of enzymes,
reagents and kits for life sciences research and industrial
applications. The company’s offerings are
grouped into three major product lines consisting of molecular biology
enzymes and kits, biochemical reagents and products used in membrane
protein research applications. The company history extends back to the
1970s, known then as United States Biochemical. In 1993, United States
Biochemical was purchased by Amersham Life Science, a company that
merged in 1997 with Swedish-owned Pharmacia Biotech. The current USB
Corporation was founded in 1998 after members of the senior management
team acquired the three original product lines back from Amersham
Pharmacia Biotech. USB has approximately 100 employees who will be
joining Affymetrix.
Affymetrix' management team will host a conference call on January 31,
2008 at 2 p.m. PT to review its operating results for the fourth quarter
and fiscal year 2007. The company will also discuss the impact of this
acquisition on this call. A live webcast can be accessed by visiting the
Investor Relations section of the Company's website at www.affymetrix.com.
In addition, investors and other interested parties can listen by
dialing domestic: (866) 500-AFFX, international: (706) 643-2771.
About Affymetrix
Affymetrix GeneChip®
microarray technology is the industry-standard tool for analyzing
complex genetic information. After inventing microarray technology in
the late 1980s, Affymetrix scientists have been dedicated to developing
innovative products that provide researchers with a more complete view
of the genome. These products continue to accelerate genetic research
and enable scientists to develop diagnostics and tailor treatments for
individual patients by identifying and measuring the genetic information
associated with complex diseases.
Today, Affymetrix technology is used by the world’s
top pharmaceutical, diagnostic and biotechnology companies, as well as
leading academic, government and not-for-profit research institutes.
More than 1,600 systems have been shipped around the world and more than
10,500 peer-reviewed papers have been published using the technology.
Affymetrix is headquartered in Santa Clara, Calif., and has
manufacturing facilities in Sacramento, Calif., Cleveland, Ohio and
Singapore. The company has about 1,100 employees worldwide and maintains
sales and distribution operations across Europe and Asia. For more
information about Affymetrix, please visit: www.affymetrix.com.
Forward-looking Statements
All statements in this press release that are not historical are
"forward-looking statements" within the meaning of Section 21E of the
Securities Exchange Act as amended, including statements regarding
Affymetrix' "expectations," "beliefs," "hopes," "intentions,"
"strategies" or the like. Such statements, including Affymetrix'
financial expectations and Affymetrix' expectations that the acquisition
will accelerate product development and commercialization and drive
microarray sales, are subject to risks and uncertainties that could
cause actual results to differ materially for Affymetrix from those
projected. These risks and uncertainties include, but are not limited
to: (i) the inability of Affymetrix to successfully integrate USB's
business into its existing business in a timely and non-disruptive
manner; (ii) the inability of Affymetrix to achieve expected synergies
from the acquisition, including revenue synergies; (iii) difficulty in
retaining USB's employees following the acquisition, including key
personnel; (iv) unexpected costs and charges associated with the
acquisition, including the write-off of intangible assets; (v) the
possibility of an adverse impact to Affymetrix' and USB's businesses as
a result of the acquisition or uncertainty surrounding the acquisition;
and (vi) other risks described in Affymetrix' Form 10-K for the year
ended December 31, 2006, and other SEC reports, including its Quarterly
Reports on Form 10-Q for subsequent quarterly periods. Affymetrix
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statements contained
herein to reflect any change in Affymetrix' expectations with regard
thereto or any change in events, conditions or circumstances on which
any such statements are based.
NOTE: Affymetrix, the Affymetrix logo and GeneChip®
are registered trademarks owned or used by Affymetrix Inc.