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news release:
Varian, Inc. Acquires Fourier Transform Mass
Spectrometry Technology
Orlando, FL, Feb. 27: Varian, Inc. (Nasdaq:
VARI) announced
today that it has taken a significant step toward expanding its information rich
detection (IRD) portfolio by acquiring Fourier Transform mass spectrometry (FTMS)
technology through its acquisition of Southern California-based IonSpec
Corporation. The acquisition will increase the company's participation in faster
growing life science applications, in particular in the study of proteins,
nucleic acids and drug metabolites. The initial cash purchase price is
approximately $16 million, including the pay down of assumed debt. The
transaction also includes an opportunity for an additional purchase price
payment if FTMS products reach specified financial targets over a three-year
period.
FTMS instruments are used in laboratories around the world to discover the
function and structural characterization of proteins and other biomolecules in
various biological systems. This information provides scientists with
fundamental knowledge of how cells work and how diseases evolve, leading to new
diagnostic research and new drug targets. FTMS is increasingly important because
it offers the most accurate mass determination and the highest possible
resolution of any type of MS instrument available today.
"We are particularly excited about acquiring this technology because it will
accelerate Varian's information rich detection product drive into life sciences
research around the world," said Garry W. Rogerson, President and CEO, Varian,
Inc. "Additionally, FTMS technology complements our already strong range of
nuclear magnetic resonance (NMR) products and by folding them into our
portfolio, we'll be able to better meet the needs and requirements demanded by
many of our global customers."
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