O’Melveny Represents China’s Xitogen Technologies in Sale to Beckman CoulterApril 28, 2014 FOR IMMEDIATE RELEASE
O’Melveny & Myers LLP
SHANGHAI -- April 28, 2014 -- O’Melveny & Myers LLP represented Xitogen Technologies, a Chinese flow cytometry firm, in connection with its sale to Beckman Coulter Life Sciences, a US lab equipment company.
Xitogen, which was founded in 2011 by a group of veterans in the biomedical, telecommunications, photonics, semi-conductor, and software industries, has developed technology that promises to significantly advance cellular analysis. O'Melveny guided the company and its founders through an extended auction process that ultimately resulted in the sale of Xitogen. Consideration amount has not been disclosed.
The deal is anticipated to close in the second quarter of 2014. The O’Melveny team was led by partners Portia Ku and Paul Scrivano and counsel Nima Amini.
O’Melveny & Myers LLP
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The following press release was issued by Beckman Coulter:
Beckman Coulter Life Sciences To Acquire Cytometer Maker Xitogen
Acquisition Will Broaden Product Offering, Provides Asian Operations Center
INDIANAPOLIS – April 22, 2014 – Beckman Coulter Life Sciences has entered into an agreement to acquire Xitogen Technologies Inc. together with Cytojene Corporation. Xitogen, a flow cytometer developer based in Suzhou and Dalian, China, will provide Beckman Coulter Life Sciences with both a strong operational base in the growing China market and a high quality research instrument to round out their world-class cytometry offering. The acquisition is subject to customary closing conditions and is expected to close in the second quarter of 2014.
Xitogen has developed the XTG-1600, a small footprint cytometer that can detect objects in the 100 nanometer range - viruses, bacteria, microparticles and cell organelles - making it an excellent choice for basic research investigations. The base single-laser/four-channel system can be incrementally expanded to a threelaser/16-channel configuration.
The acquisition of the Xitogen business includes fully staffed facilities in Suzhou and Dalian, which will function as research and development and manufacturing centers for Beckman Coulter Life Sciences.
“We see Xitogen’s technology as an accelerator that will rapidly grow our menu of products and services,” stated Jennifer Honeycutt, president of Beckman Coulter Life Sciences. “We believe that Xitogen offers significant synergies within several of our strategic focus areas, which will help to advance our mission of delivering innovative and trusted scientific solutions across the globe.”
“Having an operational base in the growing Asian market will enable us to provide timely service to customers in that region,” said Mario Koksch, vice president and general manager of the Cytometry Business Unit for Beckman Coulter Life Sciences. “Adding this technology and intellectual property to our existing portfolio means we can extend our reach from clinical diagnostics through clinical research and further into basic research.”
“We believe that flow cytometers should be easy to use, able to grow with the technical needs of the users, and provide the highest quality and performance,” said Dr. Yong Chen, founder of Xitogen. “We’re proud our technology will be part of the Beckman Coulter portfolio, and excited about the prospects created by having access to their sales and distribution channels.”
Beckman Coulter Life Sciences offers a comprehensive line of cellular analysis products, including the industry-leading Navios and FC 500 clinical cytometers, the Gallios and CyAn research cytometers, and the MoFlo XDP and Astrios EQ cell sorters. Other products include sample preparation systems, Kaluza software and a full line of fluorescently-labeled antibodies and associated support products.
About Beckman Coulter Life Sciences
Beckman Coulter Life Sciences is dedicated to improving the health of people around the world. The company’s global leadership and world-class service and support delivers sophisticated instrument systems, reagents and services to life science researchers in academic and commercial laboratories, enabling new discoveries in biology-based research and development. A leader in centrifugation and flow cytometry, Beckman Coulter has long been an innovator in capillary electrophoresis, particle characterization and laboratory automation, and its products are used at the forefront of important areas of investigation, including genomics and proteomics.