ROCKVILLE, Md., Jan. 9, 2012 /PRNewswire/ -- BioReliance, a
leading provider of global biopharmaceutical testing services,
announced today that it has agreed to be acquired by Sigma-Aldrich
Corporation (NASDAQ:SIAL). Avista Capital Partners, the
majority owner of BioReliance Holdings, Inc., agreed to sell the
company for $350 million in
cash. The acquisition is subject to customary closing
conditions, including regulatory clearance, and is expected to
close in the first quarter of 2012.
BioReliance provides critical services that include biologics
testing, specialized toxicology and animal health testing to
pharmaceutical, biopharmaceutical, diagnostics, and other life
science clients worldwide. BioReliance's service offering
helps facilitate drug development, manufacturing and
commercialization activities. The Company's ability to
develop and execute global testing protocols in compliance with
various regulatory standards enables BioReliance's clients to
register products with regulatory agencies worldwide.
Sigma-Aldrich is a leading Life Science and High Technology
company. Its biochemical and organic chemical products and
kits are used in scientific and genomic research, biotechnology,
pharmaceutical development, the diagnosis of disease and as key
components in pharmaceutical and other high technology
manufacturing.
Commenting on the transaction, BioReliance's President and CEO
Charles Harwood stated, "The
acquisition of BioReliance by Sigma-Aldrich creates one of the
broadest product and service offerings for the development and
manufacture of biological drugs. In addition, BioReliance's
Specialized Toxicology and Animal Health Services segments are
complementary to other Sigma-Aldrich product and technology
areas."
Avista Capital Partners acquired BioReliance in 2007. With
regards to the acquisition of BioReliance by Sigma-Aldrich, Avista
Partner and President David
Burgstahler commented, "BioReliance is a world-class
organization led by an outstanding team of seasoned life sciences
professionals that has demonstrated success through impressive
growth, scientific innovation and exceptional customer
service. Avista is committed to work with Sigma-Aldrich to
ensure the successful transition of BioReliance and believes that
the addition of BioReliance's capabilities and service portfolio
will allow Sigma-Aldrich to significantly enhance value to its
clients and stakeholders."
J.P. Morgan Securities LLC acted as financial advisor and Weil,
Gotshal & Manges LLP served as legal advisor to BioReliance for
this transaction.
About BioReliance
BioReliance Corporation is a leading provider of cost-effective
contract services to the pharmaceutical and biopharmaceutical
industries, offering more than 1,000 tests or services related to
biologic testing, specialized toxicology and animal health
services. Founded in 1947, BioReliance is headquartered in
Rockville, Maryland, with
laboratory operations in Rockville
and Scotland and offices in
Tokyo, Japan, and Bangalore, India. The Company employs more
than 650 people globally. For more information, visit
www.bioreliance.com.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with
over $4 billion under management with
offices in New York, Houston, and London. Founded in 2005, Avista's strategy is
to make controlling or influential minority investments in
growth-oriented energy, healthcare, media, industrial and consumer
businesses. Through its team of seasoned investment professionals
and industry experts, Avista seeks to partner with exceptional
management teams to invest in and add value to well-positioned
businesses. For more information visit: www.avistacap.com.
Contact:
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For
BioReliance:
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For
Avista Capital Partners:
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Mike
Garrett
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James
David
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Director,
Market
Development
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Kekst and
Company
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BioReliance
Corporation
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+1 (212)
521-4825
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+1 (301)
738-1000
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SOURCE BioReliance Corporation