MorphoSys acquires Serotec, tripling its research antibody segment revenues

By E. Janene Geiss

Philadelphia, Jan. 12 - MorphoSys AG announced Thursday the acquisition of privately held Serotec, a renowned and internationally active supplier of research antibodies.

The acquisition more than triples MorphoSys' existing research antibody segment revenues and establishes the company as the leading supplier of research antibodies and antibody-research technologies in Europe, according to a company news release.

The purchase price of about £20 million will be paid in £14 million in cash and the issuance of 208,560 new MorphoSys shares from a capital increase against contribution in-kind.

The acquisition provides MorphoSys with a strong distribution network, including subsidiaries and sales offices in the United States, United Kingdom, Germany, France and Scandinavia, officials said.

It is intended that Serotec becomes a wholly owned subsidiary of MorphoSys AG and integrated within MorphoSys' existing research-antibody business represented to date by the Biogenesis and Antibodies by Design brands, officials said.

All three research antibody business units will operate under the umbrella brand AbD - Antibodies Direct, officials said.

In January 2005, MorphoSys announced the acquisition of U.K.- and U.S.-based Biogenesis.

The acquisition of Biogenesis was a first strategic step to expand the research antibody unit by adding a comprehensive catalog-antibody and contract-antibody manufacturing business. Thursday's announcement represents a further development of this same strategy, officials said.

Serotec, based in Oxford, England, markets a product portfolio of more than 4,600 research antibodies and reagents for use in research areas such as immunology, neurology, cell biology and histology. Consolidated sales of Serotec in 2005 were about €11 million.

"Its broad customer base and strong position within the research antibody market makes Serotec a very attractive company for MorphoSys," Dieter Lingelbach, senior vice president at MorphoSys and head of the research antibody businesses, said in the release.

"Serotec's diverse product portfolio and its leading position in the anti-CD marker antibodies segment are the perfect addition to our current offering," Lingelbach said,

MorphoSys, based in Munich, Germany, develops and applies innovative technologies for the production of synthetic antibodies which accelerate drug discovery and target characterization.

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