10.31.08
Sartorius Stedim Biotech GmbH (SSB) signed an agreement to acquire the Swiss-based technology company Wave Biotech AG. The two companies have been working together since 2006 on joint research projects. SSB has been exclusively marketing Wave's product range that covers various types of single-use bioreactors and other equipment for biopharmaceutical research and manufacture.
Wave Biotech AG provides disposable bioreactors, which are an alternative to traditional reusable stainless steel systems used by the biopharmaceutical industry to produce products such as vaccines and monoclonal antibodies. According to the company, Wave bioreactors offer biopharmaceutical manufacturers more flexible process designing and lower costs for cleaning and validation.
“We are acquiring a company with a very strong track record in innovation and with competencies in fermentation that are outstandingly complementary with our own breadth of expertise in this area. In making this move, we are reinforcing our position in the fast-growing segment of single-use systems for cell cultivation over the long run,” said Dr. Joachim Kreuzburg, chief executive officer of Sartorius Stedim Biotech.
“Our successful sales and marketing alliance has shown that Sartorius Stedim Biotech and Wave are a perfect match. I am excited about being able to work together soon with SSB’s Cell Culture and Fluid Management teams under one group umbrella and to develop new, innovative cell culture solutions for our customers,” said Wave's majority shareholder, Marcel Röll.
The acquisition, subject to clearance by the antitrust authorities, is expected to close in December 2008. Financial terms were not disclosed.