Life Therapeutics has agreed to acquire Pyramid Biological Corporation for $13 million as well as assuming $7 million in debt, the companies said Thursday.
Life Therapeutics is based in Atlanta.
Another $5 million will be paid to Pyramid based on achieving certain milestones.
“Pyramid is a leading supplier of plasma and biodiagnostic materials that boasts top tier facilities and a well-trained, highly qualified work force,” said Hari Nair, managing director and chief executive officer of Life Therapeutics “Combined with our current operations, the company will now have 13 plasma collection centers in eight states with nearly 450 employees.
“Not only do we anticipate this acquisition will result in a significant increase in our company’s FY2006 annual sales and profits, we also expect to achieve substantial cost savings brought about by synergies with the integration of Pyramid,” he added.
Pyramid is based in Los Angeles. It had revenues of some $20 million in 2004.
Life Therapeutics has operations in Australia and the United States, including 13 plasma donor centers in eight US states. It operates four divisions: Life Sera, Life Gels, Life Diagnostics, and Manufacturing.
Life Therapeutics: www.life-therapeutics.com