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News Release from: Molecular Devices
Edited by the Laboratorytalk Editorial
Team on 13 June 2002
Molecular Devices buys Universal Imaging
Acquisition expands portfolio to include MetaMorph cellular imaging software widely used in life sciences research, and Discovery-1 screening system for drug discovery
Molecular Devices has announced that it has acquired Universal Imaging Corporation (UIC), a provider of systems for automated cellular imaging and screening The acquisition expands Molecular Devices's portfolio of novel tools for cell analysis to include MetaMorph cellular imaging software widely used in life sciences research, and the innovative Discovery-1 screening system for drug discovery
This article was originally published on Laboratorytalk on 13 Jun 2008 at 8.00am (UK)
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Established in 1983, UIC is a pioneer in the field of cellular and sub-cellular imaging, providing comprehensive solutions to the pharmaceutical, biotechnology, academic and life sciences research markets.
UIC achieved revenues of $9.6 million in 2001 and employs 52 people.
The company's Meta Imaging Series suite of software products, with an installed base of 3500 users in 2000 institutions, is an industry-leading technology for the capture and analysis of cellular images.
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The Discovery-1 system builds upon UIC's unrivaled expertise in this area to address a market need for robust, automated drug discovery tools that provide detailed information on cellular and sub-cellular events.
Discovery-1 combines the power and versatility of MetaMorph with microplate-based instrumentation to provide the rapid capture and analysis of cell-based data demanded by drug discovery researchers.
Cellular assays are the basis of a large and growing percentage of the research activity conducted by pharmaceutical, biotechnology and other life sciences organisations.
Because they represent actual physiological conditions better than other types of tests, cell-based assays yield very valuable information, but they have traditionally been relatively laborious to perform.
In recent years, technological innovations such as Molecular Devices's Flipr system have revolutionised drug discovery by making the process of testing populations of cells much easier and faster.
The Discovery-1 system from Universal Imaging Corporation enables a variety of assays by acquiring information on the responses of individual cells within a cell population in an automated, high-throughput mode.
The cellular and sub-cellular information provided by Discovery-1 is useful for a range of screening assays that are complementary to those performed by Flipr.
Commenting on the acquisition, Joseph Keegan, president and CEO of Molecular Devices, said, "We are very excited about our acquisition of Universal Imaging Corporation, a company with a great track record of developing innovative technology for cell imaging and analysis.
We are combining two well-established companies with highly complementary technologies, and the result will be very beneficial for customers of both Molecular Devices and UIC.
This acquisition strengthens Molecular Devices's position as a leading provider of solutions for cell-based assays and propels us into the exciting, fast-growing area of cellular and sub-cellular imaging.
Our combined product portfolio will be unmatched in meeting the demands of customers for automated, advanced information content solutions." Jeff Stuckey, CEO of Universal Imaging, added, "We are delighted to join Molecular Devices, a company whose reputation and market presence will broaden the reach of our portfolio of leading-edge imaging products.
In particular, we believe that Molecular Devices' expertise in drug discovery will greatly accelerate the success that Universal Imaging has already achieved with our Discovery-1 screening system." Molecular Devices paid $22 million in cash to acquire all of the outstanding capital stock of Universal Imaging.
Molecular Devices expects that UIC will contribute an estimated $6-7 million in revenue for the remainder of 2002.
UIC's gross margins are consistent with Molecular Devices's and UIC is profitable on an operating basis.
Molecular Devices expects the transaction to have no impact on previous earnings per share guidance for 2002 and to be accretive to earnings per share in 2003.
Molecular Devices expects to provide additional information related to its anticipated 2003 financial results during its next quarterly conference call. Request free introductory details about products from Molecular Devices ...
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