NOVEMBER 28--Applied Imaging Corporation (San Jose, CA, USA; www.aicorp.com), a supplier of automated imaging and image-analysis systems, announced that its stockholders have approved the company's acquisition by Genetix Group plc (New Milton, Hampshire, UK), the United Kingdom-based cell biology, proteomics, and genomics health technology group. The all-cash transaction is valued at $25.8 million, with Genetix paying $4.20/share to acquire all of Applied Imaging's common stock. Aquilo Partners acted as exclusive financial advisor to Applied Imaging in the transaction.
Genetix adds value to scientists working on cell biology, proteomics, and genomics through its development of automated systems. The company's core skill is in the design, development, and manufacture of systems that reduce the time and cost of introducing new biopharmaceuticals. Its products include instruments and consumables that were used in the Human Genome Project and are now used in the genetic analysis of human diseases--analyzing and selecting cells for the production of therapeutic proteins.
"We are pleased that our stockholders have approved this transaction," said Robin Stracey, Applied Imaging president and CEO. "Not only do we believe this is the right path for our stockholders, but it also strengthens our overall competitive position and enhances our ability to fully capitalize on the products and technologies that we have developed. We look forward to working closely with the Genetix team in leveraging the collective capabilities of both organizations to bring greater value to our customers."
