Horizon swoops for Sage in m deal
Cambridge-based Horizon Discovery Group has agreed to acquire Sage Labs Inc. in a deal worth m (£29m).
Horizon is to acquire the US group for m (£9.8m) in cash and up to m (£19.6m) through the issue of new ordinary shares.
The acquisition is expected to complete on 2 October 2014.
Sage, a former business within Sigma-Aldrich, was known as Sigma Advanced Genetic Engineering and became Sage Labs Inc. when it was purchased by management and Telegraph Hill Partners in 2013.
The company has 50 employees, a direct US and EU sales force and 43,000 sq ft state of the art facilities.
Dr Darrin M Disley, chief executive officer of Horizon Discovery Group, added: "The acquisition positions Horizon as the world-leader in gene-editing and at the forefront of technological advances in the field of translational genomics.
"The consolidated offering significantly strengthens Horizon commercially, allowing us to offer product, service and R&D programs to customers engaged at every stage of translational genomics and personalised medicine research from sequence to treatment."
Horizon will focus on expanding Sages' predominantly US customer base by increasing its presence in Europe, Japan and beyond via access to Horizon's business development and commercial infrastructure.
Dr David Smoller, formerly chief executive of Sage, and previously chief science officer of Sigma-Aldrich and president of its research biotechnology business unit, will become Horizon's chief business officer.
He added: "I am excited that Sage has become a part of Horizon's important mission. Horizon is now the destination for researchers and scientists worldwide to find both in vivo and in vitro solutions to their biological questions. The addition of Sage now positions Horizon as the true leader in genomics and gene-editing."