Bio-Rad Laboratories will acquire all the outstanding shares of Curiosity Diagnostics, by making an upfront payment of around $100m in cash and up to $70m in future milestone payments
Bio-Rad Laboratories has entered into a definitive agreement to acquire Curiosity Diagnostics from Scope Fluidics for a total consideration of up to $170m.
Scope Fluidics is a Polish biotechnology company engaged in developing advanced technology solutions for the medical diagnostic and healthcare markets.
Under the terms of the transaction, Bio-Rad Laboratories will make an upfront payment of around $100m in cash and up to $70m in future milestone payments.
Curiosity Diagnostics is a pre-commercial platform company, currently developing a sample-to-answer, rapid diagnostics PCR system for the molecular diagnostics market.
Bio-Rad EVP and clinical diagnostics group president Dara Wright said: “We are excited to have the Curiosity Diagnostics team join Bio-Rad’s Clinical Diagnostics Group and to work closely together to bring a new generation of rapid PCR systems to market.
“Curiosity’s PCR platform, PCR|ONE, offers a streamlined workflow and rapid turnaround times, and is expected to extend our reach beyond high-complexity labs into near-patient molecular diagnostics labs.”
Bio-Rad is engaged in developing, manufacturing, and marketing a wide range of advanced life science research and clinical diagnostic products.
The company serves universities, research institutions, hospitals, biotechnology and pharmaceutical companies, along with public health and commercial laboratories.
With an operational network worldwide, and around 7,900 employees, Bio-Rad generated $2.9bn in revenues last year.
Scope Fluidics is currently developing the PCR|ONE technology for rapid, automated detection of infections via highly multiplexed PCR assays.
Also, it is developing the BacterOMIC system for high-content automated antibiotic susceptibility testing.
Scope Fluidics president and co-founder Piotr Garstecki said: “Our passion at Scope Fluidics is developing innovative technologies addressing the greatest challenges in global health.
“The dedicated, entrepreneurial team of highly skilled, specialized personnel of Curiosity Diagnostics is looking forward to further developing the PCR|ONE technology under Bio-Rad’s leadership while we at Scope Fluidics continue to pursue new and current projects in disruptive medical diagnostics.”