Acquisition Substantially Strengthens Premier Portfolio of Life Sciences Research Tools for Cell Analysis and Bioprocessing
IntelliCyt, a leading provider of integrated platforms that accelerate drug discovery, antibody screening and immuno-oncology research, announced today it has been acquired by Sartorius, a leading international pharmaceutical and laboratory equipment provider. The transaction is for $90 million in cash; which includes approximately $5 million in future tax savings.
IntelliCyt, based in Albuquerque, New Mexico, has developed and commercialized an award-winning, novel cell screening platform that assesses multiple cellular parameters with unmatched speed, efficiency and ease of use. IntelliCyt focuses on pharma, biotech and academic customers, achieved very strong double-digit annual growth during the past few years resulting in sales revenues of $13.4 million in 2015 and has a revenue forecast of more than $18 million in 2016. The company currently employs approximately 55 people and is projected to reach profitability by the end of 2017.
“By coupling the global market presence and strong infrastructure of Sartorius with IntelliCyt’s enabling cell analysis platform, we will be better able to deliver value to our customers, further penetrate our core markets, and grow the business to the next level,” said R. Terry Dunlay, the founder, President and CEO of IntelliCyt.
Welcoming the transaction, Joachim Kreuzburg, CEO of Sartorius, said:
Novel cell screening methods are crucial to enable scientific progress in the fast-expanding research areas of immuno-oncology, antibody discovery and immune targets. IntelliCyt has developed a powerful platform that integrates instruments, reagents and software seamlessly across the workflow. This is a great addition to our laboratory products portfolio.