PORT WASHINGTON, N.Y., December 19, 2011 — Pall Corporation (NYSE: PLL), a global leader in filtration, separation and purification, today announced it has entered into a definitive merger agreement to acquire ForteBio®, Inc., a leading provider of advanced analytical systems that accelerate the discovery and development of biotech drugs. The transaction is expected to close by February of 2012. Terms of the deal were not disclosed.
Headquartered in Menlo Park, Calif., ForteBio offers an array of innovative, label-free protein analysis instruments that will extend Pall's capabilities in the more than $1 billion biopharmaceuticals process monitoring market and in the protein research market. An ideal complement to Pall's existing microbiological monitoring platforms, ForteBio's portfolio of analytical solutions allows researchers to measure proteins in real time without the aid of fluorescent, radio or calorimetric labels or markers that can contaminate samples. This enables significantly easier, faster and better characterization of drug candidates, which can help improve process development and speed time to market.
"We are thrilled about the acquisition of ForteBio and the added value it enables Pall to bring to customers," said Larry Kingsley, Pall CEO and president. "BioPharmaceuticals continues to be the engine of our Life Sciences business and an important long-term growth accelerator. The addition of ForteBio's platforms into our business reinforces Pall's commitment to helping customers get their life-changing products to market safely and on time."
ForteBio's original Octet® family of products is based on the company's proprietary BioLayer Interferometry (BLI) technology. It incorporates disposable optical Dip and Read™ biosensors that measure multiple interactions in parallel, without the use of detection agents. For single-sample analysis, ForteBio recently launched its BLItz™ platform. The new platform revolutionizes the use of label-free protein analysis by making it more accessible and cost-effective for individual bench scientists and researchers.
"Pall's strong global sales channel will extend the reach of ForteBio instruments and better position us to capitalize on opportunities in emerging regions in Europe and Asia," said Joseph D. Keegan, Ph.D., ForteBio CEO and president. "Demand for label-free protein analysis continues to intensify and through the merger we now can bring the advantages of ForteBio systems to a wider range of customers."
Upon closing, ForteBio will become a wholly-owned subsidiary of Pall Corp. In the short term, the impact to Pall's results of operations will be immaterial. Completion of the merger is subject to certain customary closing conditions.
About Pall Corporation
Pall Corporation (NYSE: PLL) is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of life sciences and industry. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company's engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation, with total revenues of $2.7 billion for fiscal year 2011, is an S&P 500 company with almost 11,000 employees serving customers worldwide. Pall has been named a "top green company" by Newsweek magazine. To see how Pall is helping enable a greener, safer, more sustainable future, follow us on Twitter @PallCorporation or visit www.pall.com/green.
About ForteBio, Inc.
ForteBio is a life science company that provides analytical systems to accelerate biotherapeutic drug discovery and development. These systems enable real-time, label-free analysis of biomolecular interactions, providing information on affinity, kinetics and concentration. ForteBio's analytical capabilities enable significantly easier, faster and better characterization of drug candidates, thus providing greater value in drug development applications where existing methods have limitations in throughput, performance and cost. The company is headquartered in Menlo Park, California, with wholly owned subsidiaries in London and Shanghai. For more information, visit www.fortebio.com.
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Forward-looking statements are those that address activities, events or developments that the Company or management intends, expects, projects, believes or anticipates will or may occur in the future. All statements regarding future performance, earnings projections, earnings guidance, management's expectations about its future cash needs and effective tax rate, and other future events or developments are forward-looking statements. Forward-looking statements are those that use terms such as "may," "will," "expect," "believe," "intend," "should," "could," "anticipate," "estimate," "forecast," "project," "plan," "predict," "potential," and similar expressions. Forward-looking statements contained in this and other written and oral reports are based on management's assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors.
The Company's forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance, and actual results, developments and business decisions may differ materially from those envisaged by the Company's forward-looking statements. Such risks and uncertainties include, but are not limited to, those discussed in Part I—Item 1A.—Risk Factors in the 2011 Form 10-K, and other reports the Company files with the Securities and Exchange Commission, including: the impact of legislative, regulatory and political developments globally; the impact of the uncertain global economic environment; the extent to which adverse economic conditions may affect our sales volume and results; changes in product mix, market mix and product pricing, particularly relating to the expansion of the systems business; our ability to develop and commercialize new technologies, enforce patents and protect proprietary products and manufacturing techniques; demand for our products and business relationships with key customers and suppliers, which may be impacted by their cash flow and payment practices; delays or cancellations in shipments; our ability to obtain regulatory approval or market acceptance of new technologies; our ability to successfully complete our business improvement initiatives, which include supply chain enhancements and integrating and upgrading our information systems; the effect of a serious disruption in our information systems; fluctuations in our effective tax rate; volatility in foreign currency exchange rates, interest rates and energy costs and other macroeconomic challenges currently affecting us; increase in costs of manufacturing and operating costs; our ability to achieve and sustain the savings anticipated from cost reduction and gross margin improvement initiatives; our ability to attract and retain management talent; the impact of pricing and other actions by competitors; the effect of litigation and regulatory inquiries associated with the restatement of our prior period financial statements; the effect of the restrictive covenants in our debt facilities; and our ability to successfully complete or integrate any acquisitions. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them, whether as a result of new information, future developments or otherwise.
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