shareholders have approved the sale of a device business to research company
in a deal worth approximately $20 million.
Under the terms of the agreement, Bio-Rad will manufacture, market and sell Ciphergen's proteomics instruments to life-sciences companies.
Ciphergen will retain the exclusive rights to the diagnostic-test market and will purchase instruments from Bio-Rad for the continued development of its diagnostics business. In addition, Bio-Rad will invest $3 million in Ciphergen. The transaction is expected to close by Nov. 1.
"With the approval of the sale of the instrument business, Ciphergen completes its transition into a specialty-diagnostics company and is well-positioned to bring high-value molecular diagnostics to physicians and their patients," said Gail Page, president and CEO of Ciphergen.
Ciphergen's shares were up 2.1% to $1.13, and Bio-Rad's shares were up 12 cents, or 0.2% to $74.87.