Bio-Rad Laboratories (NYSE:BIO) announced Wednesday it has purchased QuantaLife in an all-cash deal worth $162 million, plus potential future milestones.
Under the terms of the transaction, Bio-Rad will receive QuantaLife's digital polymerase chain reaction (PCR) technology, which provides target molecules with precision and sensitivity.
The PCR system builds on the method of amplifying DNA, which is commonly used in laboratories across the globe. The digital PCR, however, is able to detect rare genetic mutations, and can precisely measure genetic variations, and absolutely quantify a gene's expression.
This makes the technology quite valuable to Bio-Rad, which manufactures and distributes a variety of clinical diagnostic products, it said.
Bio-Rad president and CEO, Norman Schwartz, commented: "We are impressed with QuantaLife's digital PCR technology and believe it will complement Bio-Rad's existing amplification business.
"This elegant solution expands the current state of the art methods of quantitative PCR (qPCR), and we look forward to its adoption in life science research."
Based in Hercules, California, Bio-Rad shares rose 1.57% to $93.92 as of 3:28 pm EDT.