Affymetrix to Acquire eBioscience, Inc. for $330 Million
by RealPTC Expert
Affymetrix, Inc., announced on 30th November that it has signed a definitive agreement to acquire eBioscience, Inc., a privately-held San Diego, CA-based company with an industry-leading position in flow cytometry and immunoassay reagents for immunology and oncology research and diagnostics. Under the terms of the agreement, Affymetrix will acquire eBioscience for $330 million in cash subject to certain customary adjustments. The transaction is subject to customary closing conditions and is expected to close late in the fourth quarter of 2011.
“With 2011 sales expected to exceed $70 million, gross margins in excess of 70% and EBITDA margin of approximately 30%, eBioscience makes Affymetrix a much stronger company, both operationally and financially. The purchase price represents approximately 4.5 times 2011 revenue and 14 times 2011 EBITDA” said Tim Barabe, executive vice president and chief financial officer of Affymetrix.
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