On Monday, Bio-Rad Laboratories (NYSE: BIO ) (NYSE: BIO-B ) announced a definitive agreement to buy the AbD Serotec division of Germany's MorphoSys AG for $69.8 million cash. The transaction is slated to close in January.
In a statement, Bio-Rad's Life Science Group President Brad Crutchfield observed that Serotec brings with it "access to a comprehensive catalog of antibodies allowing us to better serve our customers by offering total assay solutions that can be validated on our research platforms for western blotting, multiplex protein expression, ELISA, and cell sorting. In addition, we will be able to exploit a powerful in vitro technology to accelerate future antibody generation."
According to S&P Capital IQ, Serotec is profitable, earning $1.2 million in 2011 on $25.1 million in revenues.
Bio-Rad shares declined 0.3% to close the day at $103.98.