Beckman to acquire DNA sequencing company.FULLERTON, Calif.--(BUSINESS WIRE)--May 5, 1995--Beckman Instruments, Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced it has reached agreement to acquire Genomyx, Inc. of Foster City, Calif., for an amount to be determined by earnings over the next three years. Subject to terms and conditions of the agreement, Beckman will initially purchase 19 percent of Genomyx stock and complete the acquisition in 1997. The minimum purchase price will be $10 million and the acquisition is not expected to be dilutive to Beckman's operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before . Genomyx was founded to advance methods for DNA sequencing DNA sequencing The determination of the sequence of nucleotides in a sample of DNA. and has been aided in achieving this goal by its association with Genetech, Inc., its largest shareholder. Genomyx began commercial operation in December of 1994, when it began shipping a family of products that simplify and extend the capabilities of manual DNA sequencing. Included is the genomyxLR integrated DNA sequencer A DNA sequencer is an instrument used to automate the DNA sequencing process. DNA sequencers have become more important due to large genomics projects and the need to increase productivity. , software for analysis of DNA sequences and reagents for sequencing and molecular biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller . The genomyxLR instrument, together with its optimized reagents, extends DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. read lengths 50 to 60 percent beyond most existing methods, substantially improving sequencing productivity. These products are further differentiated by low operating costs and convenient protocols. "Genomyx will provide Beckman with DNA sequencing products that save cost and improve laboratory productivity," said Louis T. Rosso, chairman and chief executive officer of Beckman. "Sequencing is important to our biotechnology strategy and Genomyx complements this focus." Beckman Instruments, Inc. is a registered ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000 Quality Systems company which develops, manufactures and markets automated systems and supplies used for biological analysis in laboratories for research, product development and clinical diagnostics. Beckman operates in more than 120 countries. -0- Note to Editors: genomyxLR is a trademark of Genomyx, Inc. CONTACT: Beckman Instruments Inc., Fullerton Jay Steffenhagen, 714/773-7764 or fax: 714/773-8111 |
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