Beckman Instruments completes purchase of Hybritech from Lilly.INDIANAPOLIS--(HealthWire)--Jan. 9, 1996--Eli Lilly and Company (NYSE NYSE See: New York Stock Exchange :LLY) and Beckman Instruments, Inc. (NYSE:BEC), announced today that the acquisition by Beckman of Hybritech Incorporated, a Lilly subsidiary based in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif., has been completed. This follows the announcement on September 29, 1995, that both companies had reached a definitive agreement. Financial terms were not disclosed. Hybritech is a life sciences and diagnostics company that develops, manufactures and markets in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment. in vi·tro adj. In an artificial environment outside a living organism. diagnostic tests used to diagnose, manage treatment for and monitor conditions such as cancer, cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease , endocrine diseases Among the hundreds of endocrine diseases (or endocrinological diseases) are:
Louis T. Rosso, Beckman chairman and chief executive officer, said, "This is an excellent match for our clinical diagnostics business. We see an immediate benefit from Hybritech's existing products, while in the longer term its world-class capability in developing and manufacturing high-sensitivity immunoassays will be an important contributor in realizing our strategic goals." The transaction has no effect on the Hybritech Contingent Payment Obligation Units (CPUs, AMEX AMEX See: American Stock Exchange : HYU), which will expire without payment. Hybritech's historic sales and gross profits never met the levels required for payment on the CPUs, and performance in 1995 (the final year of effectiveness of the CPUs) did not meet those required levels either. Beckman Instruments, Inc., headquartered in Orange County, Calif., is a life sciences and diagnostics company. The company develops, manufactures and markets automated systems and supplies used in laboratories for research, product development and clinical diagnostics. Beckman operates on a worldwide basis in more than 120 countries. Lilly is a global research-based pharmaceutical corporation headquartered in Indianapolis, Ind., that is dedicated to creating and delivering superior health care solutions -- by combining pharmaceutical innovation, existing pharmaceutical technology, disease prevention and management, and information technologies -- in order to provide customers worldwide with optimal clinical and economic outcomes. CONTACT: Eli Lilly & Co., Indianapolis James P. Kappel, 317/276-5795 or Beckman Instruments, Inc. Michael J. Whelan, 714/773-7764 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion