Caliper Buys Cambridge Co. For $20M
Hopkinton's Caliper Life Sciences Inc. has announced it will acquire Cambridge Research & Instrumentation Inc. for about $20 million.
Caliper, which offers products and services for drug discovery research, said the acquisition will help it in the life sciences market, particularly with clinical research, pathology and clinical market customers. The privately held CRi makes technology for analyzing tissue samples.
Under the definitive agreement, Caliper will get all of CRi's outstanding equity securities in exchange for $10.5 million in Caliper stock, $7.5 million in cash and the assumption of CRi's $2 million debt.
Caliper said it expects CRi's 2010 revenues to be about $12 million, and it hopes the acquisition will allow the company to move into new markets.
Caliper said it will consolidate CRi's headquarters and manufacturing operations into its existing location in Hopkinton, and offer jobs to about 75 percent of CRi's 49 employees. CRi President and CEO George Abe will become Caliper's senior vice president of Cellular and Tissue Analysis, reporting to Caliper President and CEO Kevin Hrusovsky.
Caliper said it will incur restructuring, integration and initial capital investment costs of about $2.5 million, mainly in 2011. It said the combination of the two businesses will bring between $2.5 million and $3 million in annual cost benefits, which will be fully phased in by the end of 2011.
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