Thermo Electron Buys Lab Software Maker InnaPhase (Update1)
2004-09-13 16:08 (New York)
Thermo Electron Buys Lab Software Maker InnaPhase (Update1)
(Adds information on InnaPhase in fourth paragraph.)
By Rachel Layne
Sept. 13 (Bloomberg) -- Thermo Electron Corp., the biggest
maker of analytical instruments for medical laboratories, said it
bought laboratory software maker InnaPhase Corp. for about $65
million in cash to expand its offerings for drug development.
InnaPhase, based in Philadelphia, has about 100 employees and
expects revenue of $26 million this year, Waltham, Massachusetts-
based Thermo Electron said in a statement. Thermo Electron had
about 10,800 employees and $2.1 billion in sales in 2003.
Chief Executive Marijn Dekkers, 46, has cut costs and
streamlined Thermo Electron's businesses. He sold an optics unit to
semiconductor equipment company Newport Corp. in June and bought
U.S. Counseling Services Inc. in April to help health-care and
pharmaceutical companies manage equipment.
LLR Partners LLC, EuclidSR Partners, NewSpring Ventures and
Edison Venture Fund invested $21 million in July 2000 for almost a
100 percent stake in InnaPhase, said LLR Partners' founding partner
Howard Ross, 52. Ross declined to disclose its profits.
Thermo Electron, already the biggest provider of what's called
laboratory information management systems, will get closely held
InnaPhase's Watson product, used by biotechnology and drug
companies.
Shares of Thermo Electron rose 30 cents to $27.43 in New York
Stock Exchange composite trading. They have climbed 8.8 percent so
far this year. |
