Cell Biosciences Inc. agreed to pay $12 million for Toronto-based Convergent Bioscience Ltd. in a deal expected to close by the end of the month.
Convergent Bioscience, which employs 45 people, makes imaging capillary electrophoresis equipment for protein charge heterogeneity characterization, a quality control measurement used during protein biologics production. The company is expected to pull in nearly $8 million in sales this year, according to a press release.
Santa Clara, Calif.-based Cell Biosciences said the deal will "significantly expand" its portfolio of protein analysis products and "transform Cell Biosciences into the premier provider of capillary-based protein analysis technology."
To help pay for the acquisition, the company drummed up $20 million in a Series F funding round led by Essex Woodlands Health Ventures. Existing investors also took part in the round, including the Wellcome Trust, Novo A/S, Domain Associates, Latterell Venture Partners, Royal Bank of Canada, The Vertical Group and Lansing Brown Investments LLC.