This excerpt taken from the BEC 8-K filed Nov 28, 2007.
Acquisition of Remainder of NexGen Diagnostics Captures Promising Intellectual Property
FULLERTON, CA (November 28, 2007) Beckman Coulter, Inc. (NYSE:BEC), a leading developer of products that simplify and automate complex biomedical testing announced today that it has entered into an agreement to acquire the remaining 80.1 percent of NexGen Diagnostics LLC, a spin out of Lumigen, Inc., effected prior to Beckman Coulters acquisition of Lumigen in 2006.
Since NexGens assets consist of intellectual property unrelated to current products, Beckman Coulter expects to take a charge of approximately $36 million for in-process R&D when the acquisition closes in the fourth quarter of 2007. The technologies have the potential to revolutionize high sensitivity testing, including immunoassay and nucleic acid, due to their inherently superior speed and simplicity.
Richard Creager, corporate vice president of Beckman Coulters Immunoassay Business Center, said, We are very enthusiastic about the potential that these proprietary technologies have to improve patient health and reduce the cost of care. If fully realized, they will simplify and automate certain types of immunodiagnostic and nucleic acid testing in remarkable ways, dramatically enhancing the performance of assays and accelerating turn-around time of test results.
The dramatic improvement in turn-around time is a result of a proprietary non-separation immunoassay technology which eliminates time-consuming steps while maintaining the exquisite sensitivity of the assays. Consistent with the companys commitment to develop a sample to result molecular testing system for clinical diagnostics, the acquired nucleic acid technology will allow rapid isolation of DNA or RNA from a patient sample without a separate step or reagent.