Life Technologies acquires South Korea's KDR Biotech

USA-based Life Technologies (Nasdaq: LIFE) has acquired KDR Biotech, a leading reagents distributor based in Seoul, South Korea, in a deal for which financial terms were not disclosed. KDR Biotech has been Life's primary reagent distributor in Korea since 1982.

The Korean biotechnology market has high potential, the US firm noted, showing solid growth over the past five years and with the Korean government's Bio-vision 2016 initiative, it is anticipated to drive further growth in biotechnology investments within the country.

"The acquisition of KDR Biotech is in line with Life's Asia-Pacific Japan strategy to further develop customer relationships, improve the customer experience and increase revenue in the fast-growing South Korean biotechnology market, in addition to Life's overall strategy of expanding our footprint into strong growth and emerging markets," said Mark Smedley, president of Life Technologies, Asia-Pacific Japan region, adding: "KDR Biotech will help us build a strong, leading brand in South Korea to propel us forward into sustainable growth."