Invitrogen to sell product lines to Whatman
Transaction Supports Invitrogen's Core Business Strategy
Invitrogen Corporation, today announced that it has reached an agreement to sell certain product lines, technologies and assets to UK-based Whatman plc and its Biometra division.
Following the acquisition of Life Technologies in September 2000, Invitrogen conducted a strategic review with the objective of identifying and, where appropriate, selling non-core businesses and assets that were acquired with Life Technologies. As part of this strategic initiative, Invitrogen has modified an August 2000 agreement between Whatman and Life Technologies. That agreement was intended to commercialize and distribute products derived from Whatman's nucleic acid isolation, purification and storage operations.
Under the modified agreement, Invitrogen will relinquish its exclusive distribution rights to certain Whatman products for nucleic acid isolation and storage, and Whatman will purchase from Invitrogen certain valuable technologies that are complementary to Whatman's own technologies. Whatman has also purchased exclusive manufacturing and distribution rights to Invitrogen's human genetic and identity testing products, which utilized RFLP (Restriction Fragment Length Polymorphism) technology.
"This agreement allows Invitrogen to exit certain non-core markets so that we can focus on our key strategic business areas," commented Lyle Turner, Invitrogen's Chairman and CEO. "In doing so, however, we have been careful to preserve our customers' access to these products and services, and we expect that this transition will be seamless from their viewpoint."
As part of the modified agreement, Whatman has purchased from Invitrogen the rights to sell Invitrogen's line of apparatus products used in electrophoresis and cell poration, and Invitrogen's inventory of these products. Whatman will also assume technical support responsibility for this product line. Whatman and Invitrogen will continue their collaboration in the development and supply by Whatman of multi-well plates for Invitrogen's continuing nucleic acid purification business. "In addition to its other benefits, the agreement allows Invitrogen to continue to grow our high throughput nucleic acid purification business by leveraging Whatman's core capabilities," added Mr. Turner.
Commenting on the agreement, Dr. David Smith, Whatman Group Chief Executive, stated, "This new arrangement will provide Whatman with complementary technologies and product offerings and enable us to build our own direct presence in the forensic and human identity markets, both of which will make a significant contribution to Whatman's revenues. At the same time, the continuing collaboration in multiwell plate developments offers further opportunity for the growth of another of Whatman's core technologies."
About Invitrogen
Invitrogen Corporation develops, manufactures and markets research tools in kit form and provides other research products and services to biotechnology and biopharmaceutical researchers and companies worldwide. The company manufactures and markets thousands of products and services that simplify and improve gene cloning, gene expression, and gene analysis techniques for corporate, academic and government entities. The company also engages in technology licensing, research services, large-scale production, and life science technical expertise and support. Founded in 1987, Invitrogen is headquartered in San Diego, California and has operations in more than 20 countries and distributor relationships in 40 more. The company employs approximately 3,000 people at its worldwide locations.
Source: Invitrogen Corporation