Bio-Rad to acquire DiaMed by end of year

Clinical diagnostic products distributor Bio-Rad Laboratories has signed a definitive agreement to acquire 77.7 per cent of the outstanding shares of blood group serology specialist DiaMed Holding AG.

Bio-Rad has agreed to pay 197 million pounds to acquire the shares, which leaves DiaMed holding 9.6 per cent of treasury shares.

After the deal is closed, Bio-Rad will conduct a tender offer to acquire the remaining 12.7 per cent of outstanding shares.

"DiaMed has an outstanding reputation for quality products and customer care and we believe this portfolio of products will fit in well with Bio-Rad’s existing diagnostics business," said John Goetz, Bio-Rad vice-president.

The transaction, which is subject to certain closing conditions, is expected to reach completion later in the year.

Last month, Bio-Rad was recognised at the Life Science Industry Awards, winning in three different categories ? Image Analysis Systems, Instrumentation for Protein Analysis and Protein Separation Products.