Cell Biosciences, Inc. today announced that it has acquired Brightwell Technologies, Inc. of Ottawa, Ontario for approximately U.S. $9 million in cash.
Brightwell Technologies is the market leader in Micro-Flow Imaging (MFI), an analytical technique used to detect particles and aggregates in protein-based therapeutics. Because of high interest in protein aggregation expressed by the FDA and other regulatory agencies, Brightwell's MFI products have experienced widespread adoption by the world's largest pharmaceutical and biotechnology companies. Brightwell was founded in 2001 and employs approximately 30 people at its headquarters in Ottawa, Ontario. Brightwell's 2011 revenues are expected to be approximately U.S. $5 million.
The acquisition of Brightwell Technologies significantly strengthens Cell Biosciences' position in the high-growth protein therapeutics market. Cell Biosciences entered that market in October 2010, with the acquisition of Convergent Bioscience. Convergent's products for protein characterization are used by virtually every major producer of protein therapeutics. Because Brightwell's MFI products are targeted at the same customer set, this transaction is expected to fuel additional market penetration for both product lines.
Commenting on the transaction, Tim Harkness, President and Chief Executive Officer of Cell Biosciences, said, "Brightwell's MFI platform holds the leading position in an important emerging market, and represents a great strategic fit with existing Cell Biosciences products. This is our fourth acquisition in 18 months and it represents another important step in our plan to build a highly focused and differentiated protein analysis pure-play."
Peter Moore, President of Brightwell Technologies, added, "We are extremely pleased to be joining Cell Biosciences. This transaction creates exciting opportunities for our people, and the cultural fit between the two organizations is ideal. Cell Biosciences' worldwide commercial infrastructure will immediately take Brightwell's business to the next level."
In connection with the transaction, Cell Biosciences raised U.S. $13 million in a second tranche of its Series F Preferred Stock financing led by Essex Woodlands Health Ventures. Existing investors, including Novo A/S, Domain Associates, Latterell Venture Partners, Royal Bank of Canada, The Vertical Group and Lansing Brown Investments, LLC, also participated in the financing.