Swedish company Biotage has agreed to acquire all outstanding shares in PhyNexus, a privately held company based in California, US. The acquisition is aimed to strengthen Biotage’s position as a separations company within the growing biomolecule arena.
Torben Jörgensen, Biotage CEO, commented: "The acquisition of PhyNexus is in line with our strategy to grow our separation business through expansion into new application areas. This transaction enables PhyNexus’ products to reach a larger global market through Biotage’s direct sales organisation, at the same time as Biotage obtains access to customers in industries where Biotage historically has not been as active."
Biotage will be able to provide its global customers with an enabling automation platform based on dual flow chromatography and patented tip technology for higher throughput purification of biomolecules such as proteins, plasmids and antibodies at the lab-scale.
The company predicts that this platform has the future potential to address a growing multibillion-dollar market in the US.
Biotage believes that the acquired technology platform will enable enhanced high throughput workflow approaches for clinical, forensic, food and environmental testing through dispersive solid phase extraction in combination with high throughput pipetting robotics and its new media development programme.
PhyNexus, which to date predominantly has sold its products to its nearby domestic market, generated net sales of $3.1 million in 2017, or about SEK28 million.
Doug Gjerde, founder and CEO of PhyNexus, said: "PhyNexus has developed a unique, proprietary platform technology that delivers high throughput purification capability with improved results across multiple applications in biologics drug discovery, research and development, and diagnostic applications. The innovative technology with Dual Flow Chromatography together with patented tip-based consumables deliver higher throughput and improved workflows for those engaged in biomolecule research and development.
"We are excited to partner with Biotage for the next phase of PhyNexus’ development. This combination will allow PhyNexus’ product offering to expand its footprint globally and open up new opportunities for developing and bringing new innovative products to the market."
The total purchase price for all shares in PhyNexus is approximately US$21.5 million, corresponding to approximately SEK195 million, on a debt free and cash free basis.