Affymetrix Completes Acquisition of USB Corporation
January 31 2008 - 7:00AM
Business Wire
Affymetrix Inc. (Nasdaq:AFFX) today announced the completion of its
acquisition of USB Corporation, a privately held Cleveland,
Ohio-based company that develops, manufactures and markets an
extensive line of molecular biology and biochemical reagent
products. In connection with the completion of the acquisition, USB
stockholders received approximately $75 million in cash. �The
acquisition of USB immediately expands our talent base, enhances
our whole-product solution offering and creates new, long-term
growth opportunities,� said Kevin King, president of Affymetrix.
�Our customers will now be able to take advantage of a stronger
portfolio of GeneChip� products today and the incorporation of
next-generation sequencing reagents into the products of tomorrow."
USB is a leading developer, manufacturer and supplier of enzymes,
reagents and kits for life sciences research and industrial
applications. The company�s offerings are grouped into three major
product lines consisting of molecular biology enzymes and kits,
biochemical reagents and products used in membrane protein research
applications. The company history extends back to the 1970s, known
then as United States Biochemical. In 1993, United States
Biochemical was purchased by Amersham Life Science, a company that
merged in 1997 with Swedish-owned Pharmacia Biotech. The current
USB Corporation was founded in 1998 after members of the senior
management team acquired the three original product lines back from
Amersham Pharmacia Biotech. USB has approximately 100 employees who
will be joining Affymetrix. Affymetrix' management team will host a
conference call on January 31, 2008 at 2 p.m. PT to review its
operating results for the fourth quarter and fiscal year 2007. The
company will also discuss the impact of this acquisition on this
call. A live webcast can be accessed by visiting the Investor
Relations section of the Company's website at www.affymetrix.com.
In addition, investors and other interested parties can listen by
dialing domestic: (866) 500-AFFX, international: (706) 643-2771.
About Affymetrix Affymetrix GeneChip� microarray technology is the
industry-standard tool for analyzing complex genetic information.
After inventing microarray technology in the late 1980s, Affymetrix
scientists have been dedicated to developing innovative products
that provide researchers with a more complete view of the genome.
These products continue to accelerate genetic research and enable
scientists to develop diagnostics and tailor treatments for
individual patients by identifying and measuring the genetic
information associated with complex diseases. Today, Affymetrix
technology is used by the world�s top pharmaceutical, diagnostic
and biotechnology companies, as well as leading academic,
government and not-for-profit research institutes. More than 1,600
systems have been shipped around the world and more than 10,500
peer-reviewed papers have been published using the technology.
Affymetrix is headquartered in Santa Clara, Calif., and has
manufacturing facilities in Sacramento, Calif., Cleveland, Ohio and
Singapore. The company has about 1,100 employees worldwide and
maintains sales and distribution operations across Europe and Asia.
For more information about Affymetrix, please visit:
www.affymetrix.com. Forward-looking Statements All statements in
this press release that are not historical are "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act as amended, including statements regarding Affymetrix'
"expectations," "beliefs," "hopes," "intentions," "strategies" or
the like. Such statements, including Affymetrix' financial
expectations and Affymetrix' expectations that the acquisition will
accelerate product development and commercialization and drive
microarray sales, are subject to risks and uncertainties that could
cause actual results to differ materially for Affymetrix from those
projected. These risks and uncertainties include, but are not
limited to: (i) the inability of Affymetrix to successfully
integrate USB's business into its existing business in a timely and
non-disruptive manner; (ii) the inability of Affymetrix to achieve
expected synergies from the acquisition, including revenue
synergies; (iii) difficulty in retaining USB's employees following
the acquisition, including key personnel; (iv) unexpected costs and
charges associated with the acquisition, including the write-off of
intangible assets; (v) the possibility of an adverse impact to
Affymetrix' and USB's businesses as a result of the acquisition or
uncertainty surrounding the acquisition; and (vi) other risks
described in Affymetrix' Form 10-K for the year ended December 31,
2006, and other SEC reports, including its Quarterly Reports on
Form 10-Q for subsequent quarterly periods. Affymetrix expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Affymetrix' expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based. NOTE: Affymetrix, the
Affymetrix logo and GeneChip� are registered trademarks owned or
used by Affymetrix Inc.
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