CARLSBAD, Calif.--(BUSINESS WIRE)--April 12, 2007--Invitrogen Corporation (Nasdaq:IVGN), a provider of essential life science technologies for disease research and drug discovery, today announced it has completed the sale of its BioReliance business unit to Avista Capital Partners for $210 million.
"The decision to sell BioReliance followed a thorough portfolio review aimed at identifying our core competencies," said Greg Lucier, Chairman and Chief Executive Officer of Invitrogen. "This divestiture allows us to focus on our core platform of tools and technologies and to grow our position as the premier consumables company in the marketplace."
BioReliance is a contract service organization that provides biological safety, testing, toxicology, viral manufacturing and laboratory animal diagnostic services.
Invitrogen Corporation (Nasdaq:IVGN) provides products and services that support academic and government research institutions and pharmaceutical and biotech companies worldwide in their efforts to improve the human condition. The company provides essential life science technologies for disease research, drug discovery, and commercial bioproduction. Invitrogen's own research and development efforts are focused on breakthrough innovation in all major areas of biological discovery including functional genomics, proteomics, bioinformatics and cell biology -- placing Invitrogen's products in nearly every major laboratory in the world. Founded in 1987, Invitrogen is headquartered in Carlsbad, California, and conducts business in more than 70 countries around the world. The company is celebrating 20 years of accelerating scientific discovery. Invitrogen globally employs approximately 4,300 scientists and other professionals and had revenues of more than $1.26 billion in 2006. For more information, visit www.invitrogen.com.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with offices in New York, NY and Houston, TX. Founded in 2005, Avista's strategy is to make controlling or influential minority investments primarily in growth-oriented media, healthcare and energy companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information, visit www.avistacap.com.
CONTACT: Invitrogen Corporation
Amanda Clardy, 760-603-7200
Eric Endicott, 760-268-7438
SOURCE: Invitrogen Corporation