Pall Corp. Signs Agreement to Acquire ForteBio
Pall Corporation (NYSE: PLL), a global leader in filtration, separation and purification, today announced it has entered into a definitive merger agreement to acquire ForteBio®, Inc., a leading provider of advanced analytical systems.
PORT WASHINGTON, N.Y.--(BUSINESS WIRE)-- Pall Corporation (NYSE: PLL), a global leader in filtration, separation and purification, today announced it has entered into a definitive merger agreement to acquire ForteBio®, Inc., a leading provider of advanced analytical systems that accelerate the discovery and development of biotech drugs. The transaction is expected to close by February of 2012. Terms of the deal were not disclosed.
Headquartered in Menlo Park, Calif., ForteBio offers an array of innovative, label-free protein analysis instruments that will extend Pall’s capabilities in the more than $1 billion biopharmaceuticals process monitoring market and in the protein research market. An ideal complement to Pall’s existing microbiological monitoring platforms, ForteBio’s portfolio of analytical solutions allows researchers to measure proteins in real time without the aid of fluorescent, radio or calorimetric labels or markers that can contaminate samples. This enables significantly easier, faster and better characterization of drug candidates, which can help improve process development and speed time to market.
“We are thrilled about the acquisition of ForteBio and the added value it enables Pall to bring to customers,” said Larry Kingsley, Pall CEO and president. “BioPharmaceuticals continues to be the engine of our Life Sciences business and an important long-term growth accelerator. The addition of ForteBio’s platforms into our business reinforces Pall’s commitment to helping customers get their life-changing products to market safely and on time.”
ForteBio’s original Octet® family of products is based on the company’s proprietary BioLayer Interferometry (BLI) technology. It incorporates disposable optical Dip and Read™ biosensors that measure multiple interactions in parallel, without the use of detection agents. For single-sample analysis, ForteBio recently launched its BLItz™ platform. The new platform revolutionizes the use of label-free protein analysis by making it more accessible and cost-effective for individual bench scientists and researchers.
"Pall’s strong global sales channel will extend the reach of ForteBio instruments and better position us to capitalize on opportunities in emerging regions in Europe and Asia," said Joseph D. Keegan, Ph.D., ForteBio CEO and president. “Demand for label-free protein analysis continues to intensify and through the merger we now can bring the advantages of ForteBio systems to a wider range of customers.”
Upon closing, ForteBio will become a wholly-owned subsidiary of Pall Corp. In the short term, the impact to Pall’s results of operations will be immaterial. Completion of the merger is subject to certain customary closing conditions.