Enzo Life Sciences has signed a letter of intent to acquire Belgian life science tools distributor 10P's BVBA for an undisclosed amount.
Enzo Biochem's subsidiary, Enzo Life Science has marked its intent to become a larger player in the worldwide life science market with the proposed acquisition of Belgian life science tools distributor 10P's BVBA.
No financial details about the acquisition of the privately-held Belgian firm have been disclosed, although it has been stated that all staff will be retained.
The acquisition of 10P's BVBA will enable the US-based firm to establish a local presence in the Benelux countries and to further its ambitions of becoming a major player in the life science marketplace.
"This proposed acquisition is one more step in our plan to build Enzo Life Sciences into a major participant in the research products global marketplace," said Barry Weiner, President of Enzo.
"Our intention is to continue to evaluate and consummate additional acquisitions that fit in with the infrastructure we have built for this division."
Enzo recently appealed a US District courts decision to dismiss patent infringement claims against Applied Biosystems (ABI) in a summary judgement.
The technology in dispute is used in ABI's Taqman Real-Time PCR (polymerase chain reaction) product lines which accounted for a third ($704.6m) of ABI's $2.093bn revenues in 2007.
The proposal to buy 10P's follows the company's acquisition of Axxora Life Sciences for $16.3m (€11.4m) earlier the year in May. In 2006 Axxora had over 60 employees worldwide with subsidiaries in the US, Switzerland, Germany and the UK.
"10 P's represents a strategic step in our plan to strengthen our global direct sales effort, which is being led by our recent Axxora acquisition," said Dr Carl Balezentis, President of Enzo Life Sciences.
"10 P's will not only provide us with the opportunity to improve and expand relationships with the end-users of our products, but also affords us with an important local presence in a key European region. In addition, 10 P's enjoys exclusive relationships with other reagent manufacturers that will provide Enzo with the opportunity to further expand our product line."