Cell Biosciences Acquires Convergent Bioscience, Raises Funding
Santa Clara-based Cell Biosciences announced this morning that it has agreed to acquire Convergent Bioscience Ltd., a Toronto-based developer of protein analysis products, in a deal worth $12M. According to Convergent, the acquisition will significantly expand the firm's portfolio of products. Convergent employs 45, mostly at its Toronto headquarters. Cell Biosciences says Convergent expects 2010 revenues near $8M. As part of the funding, Cell Biosciences said it has raised approximately $20M in a Series F preferred stock financing. The round was led by Essex Woodlands Health Ventures, and also included The Wellcome Trust, Novo A/S, Domain Associates, Latterell Venture Partners, Royal Bank of Canada, The Vertical Group and Lansing Brown Investments.
posted on Wednesday, October 13, 2010 (Link to more information)
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