PhyNexus predominantly has sold its products to its near-by U.S. home market, generating sales of $3.1 million in 2017. PhyNexus had 14 full-time employees in November 2018. Biotage estimates that the launch of new products currently in development and synergies in sales and operating expenses over time will lead to an operating profitability margin in the acquired business.
Torben Jörgensen, chief executive officer of Biotage, said, "The acquisition of PhyNexus is in line with our strategy to grow our separation business through expansion into new application areas. This transaction enables PhyNexus' products to reach a larger global market through Biotage's direct sales organization, at the same time as Biotage obtains access to customers in industries where Biotage historically has not been as active. The acquisition is complementary to our existing offering and enables us to better address the growing biomolecules market. We are very much looking forward to accelerate our efforts in this fast emerging area."
Doug Gjerde, founder and chief executive officer of PhyNexus, said, "PhyNexus has developed a unique, proprietary platform technology that delivers high throughput purification capability with improved results across multiple applications in biologics drug discovery, research and development, and diagnostic applications. The innovative technology with Dual Flow Chromatography together with patented tip-based consumables deliver higher throughput and improved work flows for those engaged in biomolecule research and development. We are excited to partner with Biotage for the next phase of PhyNexus' development. This combination will allow PhyNexus' product offering to expand its footprint globally and open up new opportunities for developing and bringing new innovative products to the market."