Further push into diagnostics as Affymetrix acquires eBioscience for $330 million

USA-based Affymetrix (Nasdaq: AFFX) is taking another move into diagnostics, saying that it has signed a definitive agreement to acquire eBioscience, a privately-held San Diego, California-based company with an industry-leading position in flow cytometry and immunoassay reagents for immunology and oncology research and diagnostics.

Under the terms of the accord, Affymetrix will acquire eBioscience for $330 million in cash subject to certain customary adjustments. The transaction is subject to customary closing conditions and is expected to close late in the fourth quarter of 2011.

Affymetrix has seen its revenues decline over the past couple years, as its traditional gene expression microarray tests have faced fierce competition. For the third quarter of this year, total revenue was $64.0 million compared to $74.0 million in the third quarter of 2010, and the company reported a net loss of $9.8 million, or $0.14 per diluted share, in the third quarter of 2011.