ST. LOUIS, Jan. 31, 2012 /PRNewswire/ -- From: Rakesh Sachdev, President and CEO:
Sigma-Aldrich Corporation (NASDAQ:SIAL), a leading Life Science
and High Technology company, announced it has completed its
acquisition of BioReliance Holdings, Inc., a leading
provider of global biopharmaceutical testing services, from Avista
Capital Partners for $350 million in
cash, subject to normal post-closing adjustments.
BioReliance provides critical services that include biologic,
specialized toxicology and animal health testing to pharmaceutical,
biopharmaceutical, diagnostics, and other life science customers
worldwide. As a leading provider of biological safety
testing, its service offering helps facilitate the development,
manufacturing and commercialization of biological drugs and helps
enable its clients to register their products worldwide. As a
service provider of toxicology studies, BioReliance also enables
its clients to launch new small molecule drugs worldwide.
BioReliance employs over 650 people and is headquartered in
Rockville, Maryland, with
additional operations in Glasgow
and Stirling, Scotland and sales
offices in Tokyo, Japan and
Bangalore, India.
"BioReliance's global biopharmaceutical testing services will
enable Sigma-Aldrich to build a specialized services platform that
complements our existing products and technology strengths.
It will expand our participation in the fast growing biological
drug market and will help forge deeper and stronger strategic ties
with existing and new customers," said Rakesh Sachdev, President and CEO.
BioReliance will become part of SAFC, the custom manufacturing
and services business unit of Sigma-Aldrich. Gilles Cottier, SAFC President commented, "The
combination of BioReliance and SAFC provides a richer value
proposition for the development and manufacture of biological
drugs. By leveraging SAFC's industrial media presence and
BioReliance's biological testing services, we can provide new and
better end-to-end product solutions and services to our
biopharmaceutical customers. The alliance also provides an
opportunity to leverage our CompoZr® zinc finger nuclease (ZFN)
technology with BioReliance's Toxicology and Animal Health Services
operations for the development of new assays, cell lines and animal
models for the Research marketplace."
BioReliance generated revenues of approximately $110 million in the year ended December 31, 2010 with double-digit growth
expected in 2011. The acquisition is expected to be modestly
accretive to Sigma-Aldrich's diluted earnings per share in
2012. Sigma-Aldrich funded the acquisition with a combination
of existing cash and credit facilities.
Cautionary statement: The foregoing release
contains forward-looking statements that can be identified by
terminology such as "opportunity to leverage", "expanding", "will",
"enable", "expected" and variations of such words and similar
expressions, or by expressed or implied discussions regarding
potential future revenues, earnings and free cash flow from the
acquisition of BioReliance. You should not place undue
reliance on these statements. Such forward-looking statements
reflect the current views of management regarding future events,
and involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different
from any future results, performance or achievements expressed or
implied by such statements. There can be no guarantee that
the acquisition of BioReliance will achieve any particular levels
of revenue in the future. In particular, management's
expectations regarding the acquisition of BioReliance could be
affected by, among other things, unexpected regulatory actions or
delays or government regulation generally; Sigma-Aldrich's ability
to obtain or maintain patent or other proprietary intellectual
property protection; competition in general; government, industry
and general public pricing pressures; the impact that the foregoing
factors could have on the values attributed to assets and
liabilities as recorded in its consolidated balance sheet, and
other risks and factors referred to in Sigma-Aldrich's annual and
quarterly reports on Form10-K and Form 10-Q on file with the US
Securities and Exchange Commission. Should one or more of
these risks or uncertainties materialize or should underlying
assumptions prove incorrect, actual results may vary materially
from those anticipated, believed, estimated or expected.
Sigma-Aldrich does not undertake any obligation to update any
forward-looking statements contained herein as a result of new
information, future events or otherwise.
About Sigma-Aldrich: 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. Sigma-Aldrich has customers in life science
companies, university and government institutions, hospitals and
industry. Over one million scientists and technologists use its
products. Sigma-Aldrich operates
in 40 countries and has 8,300 employees providing excellent service
worldwide. It is committed to accelerating customer success through
innovation and leadership in Life Science, High Technology and
Service. For more information about Sigma-Aldrich, please visit its
award-winning web site at www.sigma-aldrich.com.
About SAFC®: SAFC is the custom manufacturing and
services business unit of Sigma-Aldrich Corporation. It recognized
as a top 10 global fine chemical supplier and trusted manufacturer
of specialty chemicals and biologics for the life science and high
technology industries. Utilizing global "Centers of Excellence" and
dedicated manufacturing facilities, SAFC can often resolve
development and manufacturing challenges and accelerate the
production of custom materials. Its rich portfolio includes
high-purity inorganic materials for high technology applications,
cell culture products, services for biopharmaceutical manufacturing
and biochemical production, and complex, multi-step organic
synthesis of APIs and key intermediates. For more information about
SAFC, visit www.safcglobal.com.
Sigma-Aldrich, SAFC and CompoZr
are registered trademarks of Sigma-Aldrich Co. LLC.
SOURCE Sigma-Aldrich Corporation