Biotage, a provider of tools and technology for medicinal and analytical chemistry, and the owners of MIP Technologies have signed a definitive agreement under which Biotage is expected to acquire all outstanding shares in MIP Technologies, a developer of molecularly imprinted polymers (MIPs) and other novel polymers.
As per the terms of the acquisition, an upfront payment corresponding to an enterprise value for MIP Technologies of 16m Swedish Kroner will be made. In addition further payments based on sales performance will be made until the end of 2015.
MIP Technologies has 17 employees and had a turnover of 13MSEK in 2009. MIP Technologies will be consolidated in the Biotage group as of April 30, 2010.
Torben Jorgensen, president and CEO of Biotage, said: "This is an excellent strategic fit regarding Biotage's expansion and diversification into markets outside of pharma and it will certainly fuel our efforts within Sample Prep. One of our ambitions going forward is to further develop our Sample Prep business and to drive our consumables sales to get a more even balance between the sale of instruments and consumables.
"The addition of MIP Technologies continues the advancement of our vision of complete solutions for the scientific community. We are very excited about the technology that will benefit our customers and fit perfectly with our product offering."
Anthony Rees, CEO of MIP Technologies, said: "Our MIP and non MIP polymer technologies complement Biotage's product offering and I'm especially thrilled that the direct and indirect sales, distribution and service from Biotage. The combined capabilities within existing R&D organisations and production units will allow us to further profit on the current businesses but also to venture into new areas."