Life Therapeutics acquires Pyramid Biological

By Jennifer Chiou

New York, Sept. 22 - Life Therapeutics announced it will acquire Pyramid Biological Corp. for $13 million plus the assumption of $7 million of debt.

Life Therapeutics, which agreed to the terms in July, may pay an additional $5 million based on milestones.

"Not only do we anticipate this acquisition will result in a significant increase in our company's fiscal year 2006 annual sales and profits, we also expect to achieve substantial cost savings brought about by synergies with the integration of Pyramid," Hari Nair, managing director and chief executive officer of Life Therapeutics, said in a news release.

The acquisition will allow Life Therapeutics to increase its plasma collection capacity and expand its share of the global hyperimmune plasma and biodiagnostic markets.

Pyramid reported revenues of about $20 million in 2004, the release said.

The company also said Jeanette Porretta will be appointed vice president of Life Sera and global director of source plasma and Neil Patrone will take the position of vice president of diagnostic and therapeutic sales.

Based in Atlanta, Life Therapeutics through its four divisions operates plasma donor centers, provides pre-cast gels for use in biological research and diagnostic testing, supplies diagnostic tests for blood-clotting disorders and incorporates Gradiflow technology to purify proteins and remove viral pathogens.

Pyramid Biological is a Los Angeles operator of plasma collection centers.

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