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Local Company To Acquire Biological Sample Collection Company

By Old
Published On: Aug 16 2011 02:08:27 PM CDT
Updated On: Jul 26 2011 09:23:42 AM CDT
BETHLEHEM, Pa. -

The Lehigh Valley based OraSure Technologies, Inc. announced Monday their intention to acquire a privately-held biological sample collection company.

OraSure, a Bethlehem based company that creates devices that diagnose medical conditions, announced they will acquire DNA Genotek Inc. for roughly $53 million.

"We are delighted to have the opportunity to acquire DNA Genotek which is a recognized leader in the nucleic acid collection market and fits soundly with OraSure's strategic goals and objectives." said President and CEO Douglas A. Michels. "Our companies share a common capability and passion to develop best-in-class oral fluid-based solutions. Since 2004, DNA Genotek has posted impressive financial revenue growth and profitability and we fully expect that solid performance to continue."

DNA Genotek is an Ottawa based company, that has 3,000 customers. According to a release from OraSure, their signature product is a DNA sample collection kit that uses saliva.

OraSure expects the acquisition to be completed by the end of the third financial quarter.