Caliper buying optical imaging play CRi for $20M

Caliper buying optical imaging play CRi for $20M

Caliper Life Sciences Inc. is paying $20 million to acquire Cambridge Research & Instrumentation Inc. (CRi), a developer of optical imaging systems, according to a news release from the two companies today.

The buyout deal calls for Caliper to issue $10.5 million in a common stock offering, pay $7.5 million in cash and take in CRi’s $2 million in debt.

The acquisition brings CRi’s preclinical analysis systems to Caliper’s drug discovery tools. “This acquisition extends the reach of Caliper’s proprietary offerings along the ‘in vitro to in vivo’ bridge by filling the gap in tissue analysis platforms,” said Kevin Hrusovsky, Caliper’s president and CEO, in a statement. Hrusovksy noted that CRi’s tools will help support Caliper’s developments in tissue imaging and digital pathology clinical research.

As part of the acquisition, CRi President and CEO George Abe will take the role of senior vice president, cellular & tissue analysis, at Caliper.

Caliper (Nasdaq: CALP) plans to consolidate the headquarters and manufacturing operations in its Hopkinton facility, transferring CRi employees from their Woburn facility. About three quarters of the 49 CRi employees will be offered positions at Caliper, according to the news release. The restructuring is expected to bring about $2.5 million in charges to Caliper.

In July, Caliper was hit with a patent infringement lawsuit by Carestream Health Inc. in the U.S. District Court for the Western District of Wisconsin Madison Division.  Earlier this year, the company said it planned to sell two of its products lines to Sweden-based Biotage AB for $16.5 million in cash and $500,000 in liabilities.

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