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BioSource Acquires Massachusetts Company

December 22, 1998|BARBARA MURPHY

BioSource International in Camarillo has completed the acquisition of Quality Controlled Biochemicals of Hopkinton, Mass.

Quality Controlled Biochemicals, which was founded in 1992, manufactures antibodies for academic, biotechnology and pharmaceutical research. In 1997, it had net revenues of $3.8 million, and for the first nine months of this year it had net revenues of $3 million.

BioSource paid about $13.5 million in cash for all the outstanding capital stock of Quality Controlled. It entered into a three-year employment agreement with Jordan Fishman, the company's chief scientific officer, and made employment agreements with other key workers.

BioSource borrowed $13 million to finance the acquisition.

BioSource develops biological products used in medical research, primarily in the areas of immunology, AIDS and cancer. The company focuses its sales efforts on academic, industrial and governmental laboratories.

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