Serologicals, a provider of biological products and services for use in drug development, is acquiring privately held Upstate Group in a deal with $205 million in stock and cash.
Upstate Group is based in Charlottesville, VA. The company is a provider of cell signaling research reagents and an outsource provider for other pharmaceutical and biotech firms. Upstate also offers pre-clinical drug screening and target validation services.
“This acquisition represents an excellent fit between two companies that are well positioned to take advantage of the continued growth in drug research, discovery and development,” said David Dodd, president and CEO of Serologicals, in a statement. “The research reagent platforms of the two companies are highly complementary and will significantly enhance the product offering and capabilities of Serologicals to serve our academic, government and industrial customers.
“Additionally, Upstate’s rapidly growing drug discovery business will position Serologicals to provide drug screening and validation services to the leading pharmaceutical and biotech companies. We believe pre-clinical drug screening and target validation are the sectors of the life-sciences tools industry with the greatest potential for long-term growth.”