SeraCare To Sell For $82M
SeraCare Life Sciences Inc. of Milford has agreed to be acquired by Linden Capital Partners of Chicago for $82 million, or about $4 per share.
Linden is a private equity firm focused on health care and life sciences companies.
The deal received unanimous approval from SeraCare's board of directors and is now waiting on shareholder approval. Assuming it's approved, and barring any problems with regulatory approvals, it's expected to close in the second quarter of this year.
SeraCare, a human diagnostics and therapeutics company, has been exploring "strategic alternatives" including a possible sale for months. In June, MSMB Capital Management of New York, already a significant shareholder in SeraCare, made an unsolicited offer to buy all outstanding shares of the company.
Last week, SeraCare announced a $1 million profit and an 8.6-percent jump in revenue in the first quarter of its new fiscal year following a turbulent 2011. The first-quarter profit was down 36 percent year over year. Revenue was $11.3 million, up from $10.4 million in 2010.
Financial advisory firm Lazard Ltd. has been helping SeraCare's board of directors evaluate possible actions.
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