SDIX a provider of biotechnology-based products and services, announced that it has entered into an agreement to sell the assets of its Life Science business to OriGene Technologies, Inc. for $16 million. OriGene is acquiring substantially all of the assets of SDIX and has agreed to offer employment to a majority of SDIX’s employees.
SDIX has been making a transition from environmental test kits to life sciences.
Francis DiNuzzo, SDIX’s CEO, commented, “The sale of our Life Science business to OriGene is a natural progression for SDIX. The combination of our core Life Science business and our Advanced GAT technologies with OriGene’s technologies and global operations will result in a broader portfolio of products and services for our customer base and a reach into markets that SDIX would be challenged to achieve as a standalone business.”
Steven Becker, chairman of the SDIX Board of Directors, also stated, “Over the past few years the Board and Management of SDIX have worked diligently to pursue multiple avenues for value creation. After reviewing many alternatives the board determined that the best course of action for all of our stakeholders was to pursue a transaction which would create scale for our remaining life science and advanced technologies business. We believe this transaction is the best possible outcome for our shareholders, employees and valued customers. Following the closing of the transaction the company will have a strong balance sheet and no remaining operations and the Board will review alternatives for the company’s cash and public company status.”
The acquisition is expected to be completed during the second quarter of 2013, subject to the approval of SDIX’s shareholders and other customary closing conditions.
