Advion to Focus and Grow its Systems Business Following the Sale of Advion BioServices to Quintiles
ITHACA, NY – October 26, 2011 – Advion BioSciences, a leading life sciences Systems and Consumables developer, and one of North America’s largest bioanalytical CROs, has signed a definitive agreement for Quintiles Transnational Corp to acquire its BioServices division. Under the agreement, Quintiles will acquire Advion BioServices for an undisclosed amount of cash. Completion of the transaction, which is subject to usual and customary conditions, is expected in early November.
Going forward, Advion will focus its resources and energies on growing the Systems and Consumables business and be known as Advion, Inc. The company has a strong pipeline of new products due to be launched in the next 6-9 months, and will serve large markets. The sale of the BioServices business has strengthened the company’s position and provided further capital to invest in new products and a more global support organization in anticipation of the new products.
David Patteson, Advion’s CEO and President, commented on the acquisition, “This is an exciting time in Advion’s history. We are in the final phases of launching our compact mass spectrometer, the expression CMS. It is half the size and half the cost of current commercially available single quadrupole mass spectrometers. We have other new products destined to be released by next spring and our future has never been brighter. This latest progression of our business places Advion in a very strong financial position to exercise the next steps in achieving our vision.”
“When I co-founded Advion nearly 20 years ago, I had great expectations for its success,” states Jack Henion, CSO, Chairman and Co-founder. “The latest progression allows the Services business to have an ideal partner in Quintiles, while providing adequate resources to build our Systems business into a leadership position. I am very proud of my continued association with both businesses going forward.”
Both Mr. Patteson and Dr. Henion will remain engaged with Advion in their current roles.
About Advion, Inc.
Advion is a proven leader in flow chemistry systems and microfluidic products which improve the performance of mass spectrometers in demanding applications The company creates unique micro and nanotechnologies which deliver speed, ease-of-use, exceptional data quality and affordability. More about the company can be found at www.advion.com.
For Advion BioSystems, Inc.
Manager of Corporate Marketing Communications
Advion BioSciences, Inc.
Telephone: 1.607.266.0665, ext. 331