Local labs zip up deal
November 3, 2009 by Al Harris
Glen Allen-based Bostwick Laboratories has completed the $1.11 million purchase of two divisions of Commonwealth Biotechnologies of Chesterfield.
The first division, formerly CBI Services, has been renamed American International Biotechnology Services (AIBioTech). It will operate as a division of Bostwick subsidiary American International Pathology Laboratories.
AIBioTech will provide laboratory services to drug discovery and diagnostic development organizations seeking to bring new products to market.
The other division, Fairfax Identity Labs, will continue with the same name and provide DNA testing services. Both divisions will operate out of the Commonwealth Biotechnologies building in Chesterfield.
Bostwick specializes in DNA and biopsy analysis for diagnosing illnesses such as prostate cancer. The company reached a purchase agreement with Commonwealth Biotechnologies in July to purchase the two divisions for $1.075 million in cash and royalties over a five-year period.
Richard Bostwick, general counsel, said that an additional $35,000 was added to the deal to cover some software costs.
You can read more about the deal in a previous BizSense story here.
Al Harris is a BizSense reporter. Please send news tips to Al@richmondbizsense.com.
[...] year, the company sold two of its divisions to Bostwick Laboratories for $1.11 million. Also last year, the company [...]