Enzo Biochem Unit Signs Letter of Intent to Acquire Belgian Life Sciences DistributorNEW YORK--(BUSINESS WIRE)--Dec 19, 2007 - Enzo Biochem, Inc. (NYSE:ENZ) announced today that its wholly owned subsidiary, Enzo Life Sciences, Inc., has signed a letter of intent to acquire 10 P's BVBA, a privately owned distributor of life science research products, with offices in Belgium serving the Benelux countries. Upon completion of the acquisition, which is subject to definitive agreements, Enzo will have local, directly owned presence from which to market its growing line of life sciences reagents and systems. The acquisition is expected to close in February 2008.
"This proposed acquisition is one more step in our plan to build Enzo Life Sciences into a major participant in the research products global marketplace", said Barry Weiner, President of Enzo. "Our intention is to continue to evaluate and consummate additional acquisitions that fit in with the infrastructure we have built for this division."
Carl W. Balezentis Ph.D., President of Enzo Life Sciences, commented that "10 P's represents a strategic step in our plan to strengthen our global direct sales effort, which is being led by our recent Axxora acquisition. 10 P's will not only provide us with the opportunity to improve and expand relationships with the end-users of our products, but also affords us with an important local presence in a key European region. In addition, 10 P's enjoys exclusive relationships with other reagent manufacturers that will provide Enzo with the opportunity to further expand our product line."
"We are excited that our company will be joining an organization that shares our focus of providing innovative, high-quality research reagents," said Jean-Paul Sanders, President of 10 P's. "Additionally, we are pleased that Enzo Life Sciences will retain our employees, and that we will work together to bring growth to all of the Company's product lines."
Financial terms were not disclosed.
Enzo Biochem is engaged in the research, development, manufacture and licensing of innovative health care products and technologies based on molecular biology and genetic engineering techniques, and in providing diagnostic services to the medical community. Enzo's Life Sciences division develops, produces and markets proprietary labeling and detection products for gene sequencing, genetic analysis and immunological research among others. Its catalog of over 25,000 products serves the molecular biology, drug discovery and pathology research markets. The Company's therapeutic division is in various stages of clinical evaluation of its proprietary gene medicine for HIV-1 infection and its proprietary immune regulation medicines for uveitis, Crohn's Disease, and NASH (non-alcoholic steatohepatitis), and conducts pre-clinical research on several candidate compounds aimed at producing new mineral and organic bone, including technology that could provide therapy for osteoporosis and fractures, among other applications. Enzo's Clinical Labs division provides routine and esoteric reference laboratory services for physicians in the New York Metropolitan and New Jersey areas. Underpinning the Company's technology and operations is an extensive intellectual property estate in which Enzo owns or licenses over 200 patents worldwide, and has pending applications for over 180 more. For more information visit our website www.enzo.com.
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release.
For Enzo Biochem, Inc.
Steve Anreder, 212-532-3232
Michael Wachs, 212-732-4300
Posted: December 2007
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