Beijing Bohui Innovation Technology agrees to acquire Advion
Posted: 8 June 2015 | Victoria White | 1 comment
Advion, a leading systems and consumables developer for the life sciences industry, has signed a definitive agreement to be acquired by Bohui…
Advion develops, manufactures and globally supports mass spectrometers, chip-based ion sources, microfluidic flow chemistry systems and consumables for life science and related industries.
The acquisition is strategic for both companies and will enable Advion to broaden its investments in the areas of life science, clinical, and food safety applications. Advion will continue to trade under its current name and brand, with all employees and executives remaining with the company. All three operations and locations in Ithaca, NY are expected to remain unchanged into the future.
Bohui intends to fully fund Advion’s R&D projects
Commenting upon the acquisition, Advion’s CEO Dave Patteson stated, “Our company’s business progression has been quite notable over the past three years since we launched the expression CMS line of compact mass spectrometers. Following substantial inbound interest to acquire Advion, we utilised an investment banking partner to conduct a formal process. Our strategic alignment with Bohui is remarkable. Their commitment to the development of clinical applications of MS technology, and substantial footprint in the world’s fastest growing economy have created an ideal combination.”
Bohui’s CEO Lu Xinqun continued, “We have been impressed by Advion’s deep technical skills and operational excellence. Bohui intends to fully fund Advion’s R&D projects to strengthen its market position, and to promote Advion’s products in the Chinese Market. Advion’s strong presence in North America and the EU also allow for Bohui to gain a more balanced global footprint. Advion’s academic and life science focus is a perfect pairing with Bohui’s traditional markets and clinical presence.”