Date: 2014-03-04
Type of information: Company acquisition
Acquired company: Cytocell (UK)
Acquiring company: Oxford Gene Technology (UK)
Amount: undisclosed
Terms: * On March 4, 2014, Oxford Gene Technology, a provider of genetics research solutions, has announced the acquisition of Cambridge-based Cytocell, a provider of DNA technology for the detection of gene rearrangements related to inherited genetic disease and cancer. Cytocell is a profitable company with sales of £4.5m and growing at 20% in the last financial year. The deal will be immediately accretive upon acquisition. The acquisition was funded through cash augmented with a debt facility provided by Silicon Valley Bank, highlighting the Bank’s commitment to the life science market in the UK. No financial details are being disclosed.
Details: This acquisition allows OGT to expand its genomic medicine offering. Cytocell’s portfolio of Fluorescence In Situ Hybridisation (FISH) probes complements OGT’s CytoSure™ cytogenetics array and next generation sequencing products. OGT has a dedicated North American cytogenetics sales team already in place. This team will work with Cytocell’s current distributor, Rainbow Scientific Inc., to provide an enhanced service and promotional capability. It will also strengthen OGT’s distributor network. Cytocell currently develops and supplies its range of over 300 products to more than 60 countries through a network of distributors, apart from in the UK and Germany where it sells directly to the end user.
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