Roche spotlights ECL technology
Wednesday, 11 April, 2007
Roche Diagnostics has made another massive purchase, announcing it will buy American biotech BioVeris for approximately A$750 million, with the hope of cornering the global market in electrochemiluminescence (ECL) technology.
Last week the Swiss giant announced it planned to buy 454 Life Sciences, manufacturer of the 454 genetic sequencer, for A$175 million.
According to a BioVeris statement, the acquisition will allow Roche Diagnostics to expand its immunochemistry business from the human diagnostics field into new market segments such as life science research, life science development, patient self testing, veterinary testing, drug discovery, drug development and clinical trials.
"By acquiring BioVeris, Roche will own the complete patent estate of the electrochemiluminescence (ECL) technology deployed in its Elecsys product line which gives Roche Diagnostics the opportunity to fully exploit the entire immunochemistry market," the statement said.
The two companies have had a fraught history, the Washington Post reports. In 1997, Igen International, BioVeris' predecessor, sued Roche in the US federal court over a dispute about licensing fees. Igen won more than US$500m in damages, which was later overturned, and the licensing agreement was terminated. A month later, Roche bought Igen for $1.4 billion, spinning out BioVeris in the process.
More court action was pending this year before the surprise announcement, the newspaper reported.
"Given the history between the parties and the scope of Roche's existing diagnostics business, Roche is the natural buyer for BioVeris," BioVeris' CEO Samuel Wohlstadter said. "We look forward to working with our colleagues at Roche to facilitate a timely close and orderly integration."
Severin Schwan, CEO Division Roche Diagnostics, said, "ECL is a highly innovative technology. In comparison with other detection technologies ECL offers distinct advantages such as enhanced sensitivity, short incubation times and broad measuring ranges. This acquisition ensures that Roche will be able to provide unrestricted access to all customers and therefore represents a significant growth opportunity for our immunochemistry business."
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