Life Technologies Purchases KDR Biotech Co.Monday, April 15, 2013
Life Technologies Corp. has purchased KDR Biotech Co., a Korean company that has been distributing its products since 1982. The companies didn’t disclose financial details.
This acquisition is in the midst of a reported bidding war in which several companies and private equity firms are vying to purchase the $11 billion San Diego biotech company. Contenders include KKR & Co. LLP, Blackstone Group, Carlyle Group and Thermo Fisher Scientific.
The acquisition will help grow the company’s customer relationships and increase revenue in the fast-growing South Korean biotech market, as well as other emerging markets, Mark Smedley, president of Life Technologies, Asia-Pacific Japan region, said in a statement. All KDR employees will be absorbed into Life Technologies, the statement said.
— SDBJ Staff Report