Harvard Bioscience has acquired BioRobotics of the UK, a subsidiary of Apogent Technologies specialising in instruments for DNA microarray manufacturing and colony picking, for $3.2 million (€2.8m).
The acquisition has been made on behalf of Harvard's Genomic Solutions subsidiary, which also focuses on DNA microarray systems and instrumentation.
Jeff Williams, president of Genomic Solutions, said: "BioRobotics is especially strong in Europe and thereby complements our GeneMachines genomic product franchise that is strongest in the US."
The GeneMachines and BioRobotics product lines are also complementary, he added, with GeneMachines' strength lying in high-capacity arrayers, while BioRobotics is strong in bench-top instruments.
As part of the transaction, the two companies' UK sales forces will be combined, while Genomic Solutions' US team will start to promote BioRobotics' products.
Product development and manufacturing will be consolidated into Genomic Solutions facilities in Huntingdon, UK.
Harvard's strategy is to expand product lines by acquisition in addition to developing new products and partnering with other life science companies for expanded distribution. The company has enjoyed a compound annual growth rate in revenues of approximately 40 per cent over the last six years.
BioRobotics is expected to achieve revenues of approximately $3 million and to be accretive to Harvard's pro forma earnings per share in 2004.