Press Release: Invitrogen Sells Contract Services Business for $210M
Invitrogen Sells Contract Services Business for $210M Avista Capital Partners acquired Invitrogenâ€™s contract service organization for $210 million. BioReliance is a contract service organization providing biological safety testing, toxicology, viral manufacturing, and laboratory animal diagnostic services. The firms expect to close the deal during the second quarter of 2007. Invitrogen acquired BioReliance in 2004. The company has over 600 clients annually. Its services and broad experience provide all of its clients with a cost-effective alternative to the fixed costs associated with internal development and manufacture, according to Avista. "BioReliance has an excellent track record as a premier service provider and is a recognized leader in each of its service areas,â€ comments David Burgstahler, a partner at Avista Capital Partners. â€œWe believe BioReliance is poised for continued success in today's biopharmaceutical environment, which is seeing increased regulatory scrutiny and a shift toward outsourcing noncore activities." Charles Harwood will serve as chairman of the BioReliance board of directors. Harwood was previously president and CEO of Focus Diagnostics.