STOCKHOLM (Reuters) – Swedish bioconvergence company Cellink has agreed to buy U.S.-based in-vitro technology firm MatTek for $68 million, Cellink said on Wednesday.
The company said it would pay 20% of the purchase price in newly issued B-shares and the rest in cash.
It said in a statement that by combining the two firms it would be able to offer market leading in-vitro methods and “finally replace controversial animal tests that are limited by their physiological relevance to predict human results”.
Cellink, which develops technologies to culture cells in 3D, perform drug screening and print human tissues and organs, added that it was expecting the deal to close by March 24, provided that all conditions were met.
MatTek had revenues of $16.6 million in 2020.
(Reporting by Helena Soderpalm, editing by Anna Ringstrom)