Ibex Technologies bought Bio-Research Products (BRP), which specializes in the production of enzymes, lectins, protease inhibitors, organics, substrates, and assays for diagnostic, industrial, and research use. Manufacturing is conducted in a 10,000 sq. ft. facility with fermentation capability up to 300 L.
BRP reportedly will operate as a wholly-owned subsidiary of Ibex and will keep the Bio-Research Products name. According to Paul Baehr, president and CEO of Ibex, "In addition to an expanded product line of enzymes, BRP brings an excellent manufacturing facility with a skilled professional staff including expert scientists in protein purification, characterization, and analysis."
BRP shareholders will receive $2,000,000 in cash and future earn out to a maximum of $700,000. Ibex funded the acquisition from its cash reserves, but expects to obtain a mortgage of approximately $1,000,000 on BRP’s land and buildings, for a net Ibex outlay of $1,000,000 in cash for the acquisition.
Ibex manufactures and markets a series of proprietary enzymes (heparinases and chondroitinases) used in pharmaceutical research, quality assurance, and, in the case of Heparinase I, in diagnostic devices which measure hemostasis in patients. Ibex also develops, manufactures, and markets arthritis assays.