Caliper Sells Subsidiary For $11M
Hopkinton-based Caliper Life Sciences announced the sale of its subsidiary, Xenogen Biosciences, to New York-based Taconic Farms for $11 million.
Caliper said it executed the sale as a way to divest from holdings that do not enhance the company's core services, which focus on imaging tools. XenBio specializes in animal production services.
Caliper also announced that the sale "significantly improves" its cash position and is expected to have minimal impact on performance and cash flow in 2010.
Caliper is expected to receive about $9 million from the sale this quarter, with about 10 percent of the money being held until April 2011 for potential indemnification claims. Caliper worked with BroadOak Partners as a financial adviser in the deal.
In addition to the sale, Caliper and Taconic have entered into a partnership in which Taconic will distribute some of Caliper's products.
Caliper had purchased XenBio in 2006. The company reported a nearly $3.4 million loss during the quarter ended Sept. 30.
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