BioTrove Inc. is on the move, inking a deal to be acquired by Life Technologies Corp. and spinning out its RapidFire drug screening business.
The Woburn, Mass.-based firm said Carlsbad, Calif.-based Life Technologies will acquire its banner and its OpenArray genotyping platform for an undisclosed amount.
Once that deal is done, BioTrove said it will spin its RapidFire drug screening business out into a new company called Biocius Life Sciences.
BioTrove chairman and CEO Jeffrey Leathe and the rest of the company’s management team will stay on to lead Biocius, which will offer the RapidFire line of mass spectrometry equipment and contract research services to pharmaceutical firms.