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AUSTRALIA'S PANBIO ACQUIRES STELLAR BIO SYSTEMS FOR US$1.2 MILLION.
BRISBANE, July 2 Asia Pulse - Medical diagnostics company PanBio Ltd (ASX:PBO) said today it had acquired United States diagnostics company Stellar Bio Systems for A$2.35 million (US$1.2 million) in a bid to expand its offshore revenue base.
The company also said today it expects to achieve prospectus revenue and profit forecasts for the year to June 30, 2001.
Combined with the company's existing manufacturing facility in Maryland, the acquisition of Stellar Bio Systems will significantly reinforce PanBio's market position in the US and complement its Australian operations.
The company expects more than half of its revenue for 2001/02 will come from outside of Australia.
Stellar Bio Systems, a subsidiary of Nasdaq-listed American Biogenetic Sciences, produces a broad range of diagnostic products including several which have FDA approval.
PanBio chief executive officer Mel Bridges said the acquisition would strengthen PanBio's positioning in infectious disease diagnosis and provide new revenue opportunities from Herpes, Glandular fever and Autoimmune disease diagnostics.
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Source: HighBeam Research, AUSTRALIA'S PANBIO ACQUIRES STELLAR BIO SYSTEMS FOR US$1.2 MILLION.