Benzinga | Nov 9, 2021 06:24PM EST

Codex DNA Reports Purchase Of Eton Bioscience For $13MIn Cash

Codex DNA, Inc. (NASDAQ:DNAY), a pioneer in automated benchtop synthetic biology systems, announced today that it has agreed to acquire Eton Bioscience, a privately held provider of synthetic biology products and services.

"Together with the Eton team, we will be able to accelerate our BioXp system growth strategy within the synthetic biology market," said Todd R. Nelson, PhD, CEO of Codex DNA. "This acquisition will allow our combined company to increase its commercial reach, deliver more robust services with broader customer applications, improve the quality and cost of certain raw materials, and support our highly strategic enzymatic DNA synthesis product development program."

Eton Bioscience is a San Diego-based biotech company specializing in synthetic biology products and services, including DNA sequencing and oligo synthesis, for the global academic research, pharmaceutical, and biotechnology industries. Eton utilizes innovative techniques, sustainable practices, and exceptional customer service to meet the research community's need for quality DNA sequencing and oligo synthesis. Eton also markets DNA prep services and products such as antibodies, peptides, and metabolism assay kits.

"Since our founding in 2003, Eton's innovative solutions and tools for DNA sequencing and oligo synthesis have helped scientists in both academia and industry advance their research and contribute to solving some of the world's most challenging problems," said Tony Chen, PhD, founder and CEO of Eton Bioscience. "Joining Codex DNA will allow us to scale our business to its full potential, accelerate the pace of innovation, and expand the reach of the superior service our customers have come to expect from us."

Under the terms of the deal, Codex DNA will pay approximately $13 million in cash for the acquisition. Eton Bioscience generated approximately $5.1 million of revenue for the nine months ended September 30, 2021. The acquisition is expected to be slightly dilutive to Codex DNA's earnings per share in 2022, and accretive thereafter.