|By PR Newswire||
|November 5, 2012 07:30 AM EST||
CARLSBAD, Calif., Nov. 5, 2012 /PRNewswire/ -- Life Technologies Corporation (NASDAQ: LIFE) today announced the acquisition of Advanced Microscopy Group or AMG, a privately held developer of imaging systems for research microscopy incorporated as Westover Scientific, Inc. The manufacturer of the FLoid® Cell Imaging Station currently sold by Life, AMG enables Life to expand its product line of cell imaging instrumentation, while leveraging its Molecular Probes® portfolio of fluorescent dyes and reagents.
The acquisition also provides new product development opportunities for both laboratory and portable imaging devices. Life Technologies' Molecular Probes® range of fluorescent dyes and probes are broadly used in the research market and constitute a natural complement to the EVOS® range of microscopes manufactured by AMG.
"Our acquisition of Advanced Microscopy Group brings together two leaders in the cell imaging field," said Peter Dansky, president of Molecular and Cell Biology at Life Technologies. "With AMG's demonstrated excellence in innovative microscopy instrumentation and the Molecular Probes line of market leading imaging reagents, we're now better able to serve our customers with a complete portfolio of integrated solutions for cell analysis optimized for performance and ease of use."
AMG has a portfolio of imaging instruments that spans basic to advanced microscopy. The EVOS® range of instruments improves ease of use by eliminating conventional eyepieces and replacing them with LCD screens. Two entry-level microscopes, EVOS® XL and EVOS® XL-Core, address the tissue culture market for routine monitoring of cell culture through measurements of cell density and morphology. The instruments are brightfield and phase contrast enabled and come with a range of magnification lens options. The EVOS®FL is a multi-color fluorescent microscope with brightfield/phase contrast capabilities and a range of objective options.
AMG also developed Life Technologies' FLoid® Cell Imaging Station, a platform that offers revolutionary ease of use for fluorescent microscopy. Introduced in late 2011, FLoid® was developed to be ideally suited for laboratories that are new to imaging or do not require the advanced features found in more expensive instruments. The addition of the EVOS® product line complements the FLoid® system by maintaining simplicity in the user experience, while providing advanced capabilities and automation that are necessary for some applications.
"We are excited that Life Technologies places high value on our EVOS line," said Steve Lytle, founder and president of AMG. "Ultimately, it is our customers who will benefit most from the breadth of the combined portfolios. It also uniquely positions Life in the cell imaging field and will serve as the foundation for the development of new applications and products."
The microscopy market size is estimated to be approximately $770 million. The acquisition of AMG is expected to be neutral to Life's 2012 earnings, accretive to 2013 earnings and accretive to the company's overall ROIC by 2015. The financial terms of the deal are not being disclosed. AMG's existing business will remain in Bothell, Washington, and will join Life Technologies' Flow Cytometry and Imaging business unit.
The FLoid® Cell Imaging Station is for Research Use Only, not for use in diagnostic procedures.
About Life Technologies
Life Technologies Corporation (NASDAQ: LIFE) is a global biotechnology company with customers in more than 160 countries using its innovative solutions to solve some of today's most difficult scientific challenges. Quality and innovation are accessible to every lab with its reliable and easy-to-use solutions spanning the biological spectrum with more than 50,000 products for agricultural biotechnology, translational research, molecular medicine and diagnostics, stem cell-based therapies, forensics, food safety and animal health. Its systems, reagents and consumables represent some of the most cited brands in scientific research including: Ion Torrent™, Applied Biosystems®, Invitrogen™, GIBCO®, Ambion®, Molecular Probes®, Novex®, and TaqMan®. Life Technologies employs approximately 10,400 people and upholds its ongoing commitment to innovation with more than 4,000 patents and exclusive licenses. LIFE had sales of $3.7 billion in 2011. Visit us at our website: http://www.lifetechnologies.com.
Life Technologies' Safe Harbor Statement
This press release includes forward-looking statements about Life Technologies' anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and Life Technologies' plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Life Technologies with the Securities and Exchange Commission. Life Technologies undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
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