NEW YORK (AP) -- Bio-Rad Laboratories Inc. is buying AbD Serotec for 53 million euros ($69.8 million) to get access to a comprehensive catalog of antibodies.
Bio-Rad, which makes instruments used in bio-medical research, said late Sunday the purchase will let the company accelerate antibody generation. The deal follows an October 2011 transaction worth $162 million plus milestone payments for genetic-analysis company QuantaLife. Bio-Rad is headquartered in Hercules, Calif.
MorphSys AG, the seller, said it plans to focus on its therapeutic business segment. The German company is developing human antibody drug candidates for the treatment of cancer, rheumatoid arthritis and other illnesses.
The transaction is expected to close next month.