Swedish pharma technology company Biotage snapped up U.S.-based PhyNexus in a deal valued at $21.5 million.
The acquisition is expected to bolster Biotage’s presence as a separations company within the growing biomolecule arena. The company said it will now be able to provide an automation platform based on Dual flow Chromatography and patented tip technology for higher throughput purification of biomolecules such as proteins, plasmids and antibodies at the lab-scale.
“This transaction enables PhyNexus’ products to reach a larger global market through Biotage’s direct sales organization, at the same time as Biotage obtains access to customers in industries where Biotage historically has not been active,” Torben Jörgensen, Biotage’s chief executive, said in a statement.
The company expects the platform has the potential to address a growing multibillion-dollar market, and that the platform will provide enhanced high-throughput workflow approaches for clinical, forensic, food and environmental testing.
Financing for the deal was conducted with a combination of newly issued shares of Biotage and cash.