Invitrogen Buys Dynal Biotech
Oslo/Carlsbad - Invitrogen Corporation will buy the privately held molecular separation and purification technology pioneer Dynal Biotech ASA from majority owner Nordic Capital and a co-investor for approximately NOK2.5 billion (Euro301.6 million). Oslo-based Dynal is an industry leader in magnetic bead technologies that are used in cell separation and purification, cell stimulation, protein research, nucleic acid research and microbiology.
“We believe that products resulting from combining the two companies' technologies will play a key role in supporting emerging trends in healthcare,” said Gregory Lucier, Invitrogen's Chairman and CEO.
The company plans to apply Dynal's technology to many product lines, producing sets of matched reagent solutions around genes, antibodies, enzymes, cell culture media and detection products. Invitrogen also aims at coupling the Dynabead technology with targeted antibodies which it will obtain following the ongoing purchase of Zymed Laboratories.
The acquisition of Dynal is expected to be finalized by the end of March. The company has 400 employees in Norway, the UK, the USA and China and is expected to achieve revenues of $74 million from April until the end of the year.