- Sygnis, a German provider of molecular biology products, on Wednesday unveiled plans to acquire life sciences company C.B.S. Scientific for $900,000.
- C.B.S. builds research equipment ranging from gel electrophoresis machines to polymerase chain reaction workstations. Sygnis estimates the San Diego-based company's will exceed $1.5 million this year, according to a Dec. 21 statement.
- Sygnis gobbled up another business in that city, proteomics device maker Expedeon, back in September for €1.7 million ($1.9 million) and other payments. The company intends to combine the two locations to cut costs.
Higher ups at Sygnis see C.B.S. as compatible with their business, and expect the target to be an immediate revenue booster.
"Furthermore the strong brand associated with the C.B.S. products will solidify our position as a global supplier in the life sciences and reagents market," Sygnis co-CEO Heikki Lanckriet said in a Dec. 21 statement. "With the addition of complementary product lines, Sygnis now aims to cover its core genomic and proteomic workflows more comprehensively."
"C.B.S. is a profitable company, with a very stable and highly complementary customer base," Sygnis' other CEO, Pilar de la Huerta, said in the statement.
Deal terms have Sygnis handing over $540,000 in cash and $360,000 in new shares issued to C.B.S. stockholders.
The company increased its share volume multiple times this year to promote expansion. In July, it completed a rights offering — the sale of additional shares but only to select investors — that netted the company about $5.6 million and helped to finance both the Expedeon and Sygnis acquisitions.
As of Sept. 30, Sygnis maintained $4.8 million in cash and cash equivalents, according to its most recent quarterly financial report.