Drug discovery and life sciences product developer Caliper Life Sciences of Hopkinton, MA, has signed a definitive agreement to acquire privately held Cambridge Research and Instrumentation (CRi) of Woburn, MA, for approximately $20 million, including net debt.
Under the agreement, in exchange for all of CRi's outstanding shares, Caliper will issue common stock valued at approximately $10.5 million, pay cash of approximately $7.5 million, and assume CRi indebtedness of approximately $2 million.
CRi's patented preclinical and tissue-based multiplexed analysis systems would expand Caliper's life sciences portfolio, particularly as it moves into clinical research, pathology, and clinical market applications.
CRi's revenues are expected to total approximately $12 million this year, according to Caliper. George Abe, president and CEO of CRi, will join Caliper as senior vice president, cellular and tissue analysis.
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