CINCINNATI--(BUSINESS WIRE)--May 13, 2008--Meridian Bioscience,
Inc. Cincinnati, Ohio (NASDAQ: VIVO) today announced it has executed a
letter of intent to acquire a line of infectious disease recombinant
proteins and cardiac antigens from Vybion, Inc. The purchase price
includes cash and future royalties based on net sales of the acquired
products, the amounts of which were not disclosed. The assets to be
acquired include a portfolio of recombinant viral proteins and cardiac
antigens, customer lists, supply agreements, patent and technology
rights, equipment, and on-hand inventory. These products will be
manufactured at Meridian's wholly owned subsidiary, Meridian Life
Science, Inc. (MLS) located in Memphis, TN.
The products to be acquired from Vybion add to the growing
portfolio of highly specialized biologicals that Meridian manufactures
and distributes to the diagnostic, pharmaceutical, and research
markets. These products will be highly complementary to Meridian's
existing products manufactured for the large diagnostic companies as
critical components of commercial diagnostic products used in the
diagnosis of infectious diseases and in the monitoring of human
protein levels in hepatitis, HIV, and cardiac disease. This
acquisition adds important technologies and capabilities to Meridian's
Life Science business and will complement Meridian's expanding life
science brands: BIODESIGN, OEM Concepts, Viral Antigens, and Meridian
Biologics. In addition to its technological capabilities, the acquired
product line will add proprietary manufacturing know-how and access to
important patents for the development and production of recombinant
proteins, an emerging technology in life sciences. Through this
acquisition and development of advanced enabling technologies,
Meridian continues to expand its life science business to support and
service researchers, diagnostic test manufacturers, as well as
biopharmaceutical and biotechnology companies.
Completion of the transaction is subject to execution of a
definitive purchase agreement, satisfactory due diligence, and other
customary conditions. The transaction is expected to be completed
during the next 30 to 60 days.
Richard L. Eberly, President, Meridian Life Science, Inc.,
commented, "We are excited about the addition of a new product line
for Meridian's expanding portfolio of highly specialized biologicals,
and also about acquiring an emerging enabling technology that allows
for the development and manufacture of recombinant proteins. This
acquisition adds key capabilities and revenues to our expanding life
science business. We are enthusiastic about the strategic fit as it
relates to Meridian's goals of growing its life science business
through internal growth and acquisitions."
FORWARD LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor from civil litigation for forward-looking statements
accompanied by meaningful cautionary statements. Except for historical
information, this report contains forward-looking statements which may
be identified by words such as "estimates", "anticipates", "projects",
"plans", "seeks", "may", "will", "expects", "intends", "believes",
"should" and similar expressions or the negative versions thereof and
which also may be identified by their context. Such statements,
whether expressed or implied, are based upon current expectations of
the Company and speak only as of the date made. The Company assumes no
obligation to publicly update any forward-looking statements. These
statements are subject to various risks, uncertainties and other
factors that could cause actual results to differ materially,
including, without limitation, the following: Meridian's continued
growth depends, in part, on its ability to introduce into the
marketplace enhancements of existing products or new products that
incorporate technological advances, meet customer requirements and
respond to products developed by Meridian's competition. While
Meridian has introduced a number of internally developed products,
there can be no assurance that it will be successful in the future in
introducing such products on a timely basis. Ongoing consolidations of
reference laboratories and formation of multi-hospital alliances may
cause adverse changes to pricing and distribution. Costs and
difficulties in complying with laws and regulations administered by
the United States Food and Drug Administration can result in
unanticipated expenses and delays and interruptions to the sale of new
and existing products. Changes in the relative strength or weakness of
the U.S. dollar can change expected results. One of Meridian's main
growth strategies is the acquisition of companies and product lines.
There can be no assurance that additional acquisitions will be
consummated or that, if consummated, will be successful and the
acquired businesses successfully integrated into Meridian's
operations. In addition to the factors described in this paragraph,
Part I, Item 1A Risk Factors of our Form 10-K contains a list of
uncertainties and risks that may affect the financial performance of
the Company.
Meridian is a fully integrated life science company that
manufactures, markets and distributes a broad range of innovative
diagnostic test kits, purified reagents and related products and
offers biopharmaceutical enabling technologies. Utilizing a variety of
methods, these products and diagnostic tests provide accuracy,
simplicity and speed in the early diagnosis and treatment of common
medical conditions, such as gastrointestinal, viral and respiratory
infections. Meridian's diagnostic products are used outside of the
human body and require little or no special equipment. The Company's
products are designed to enhance patient well-being while reducing the
total outcome costs of healthcare. Meridian has strong market
positions in the areas of gastrointestinal and upper respiratory
infections, serology, parasitology and fungal disease diagnosis. In
addition, Meridian is a supplier of rare reagents, specialty
biologicals and related technologies used by biopharmaceutical
companies engaged in research for new drugs and vaccines. The Company
markets its products and technologies to hospitals, reference
laboratories, research centers, veterinary testing centers, physician
offices, diagnostics manufacturers and biotech companies in more than
60 countries around the world. The Company's shares are traded through
NASDAQ's Global Select Market, symbol VIVO. Meridian's website address
is www.meridianbioscience.com.
CONTACT: Meridian Bioscience, Inc.
John A. Kraeutler, Chief Executive Officer, 513-271-3700
SOURCE: Meridian Bioscience, Inc.