MorphoSys becomes largest European research antibody supplier
German antibody company MorphoSys has bought the privately held Serotec group, an international supplier of research antibodies for around
German antibody company MorphoSys has bought the privately held Serotec group, an international supplier of research antibodies for around £20 million (Euro 29.3m).
The move more than triples MorphoSys' existing research antibody segment revenues and, says MorphoSys, makes it the largest antibody research technology company in Europe. The £20m purchase price will be paid with £14m in cash and through the issue of 208,560 new MorphoSys shares.
Oxford-based Serotec provides MorphoSys with a strong distribution network including subsidiaries and sales offices in the US, UK, Germany, France and Scandinavia. Serotec will become a wholly-owned subsidiary of MorphoSys and integrated within the existing research antibody business represented by the Biogenesis and Antibodies by Design brands. All three business units will operate under the umbrella brand AbD - Antibodies Direct.
Serotec employs 80 people and markets a portfolio of more than 4,600 research antibodies and reagents for use in research areas such as immunology, neurology, cell biology and histology. Consolidated sales of the group in 2005 amounted to approximately €11m.
MorphoSys's present management board will retain their positions in the enlarged MorphoSys group. The research antibodies unit will be led by Dieter Lingelbach, senior vice-president at MorphoSys AG, with former Serotec management remaining in place to support the integration process.