EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ENZO BIOCHEM UNIT TO ACQUIRE AXXORA LIFE SCIENCES, INC.
GLOBAL REAGENT MANUFACTURER AND MARKETING COMPANY
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ACQUISITION WILL BROADEN ENZO'S LIFE SCIENCE ACTIVITIES AND EXPAND
PRODUCT DEVELOPMENT, PRODUCTION AND DISTRIBUTION CAPABILITIES
NEW YORK, NY, May 30, 2007 - Enzo Biochem, Inc. (NYSE:ENZ) announced today that
its wholly owned subsidiary, Enzo Life Sciences, Inc., has signed a definitive
agreement to acquire Axxora Life Sciences, Inc., a privately owned global
manufacturer and marketer of life sciences research products, for approximately
$16.3 million in cash. Upon completion of the acquisition, Axxora will become a
wholly owned subsidiary of Enzo Life Sciences and will greatly expand Enzo's
life sciences product development, production and marketing capabilities.
Axxora had revenues of approximately $16 million and 60 employees
worldwide in 2006. Axxora has wholly-owned subsidiaries in the U.S.,
Switzerland, Germany and the United Kingdom, as well as branch offices and
distributors located in other major markets, and benefits from a history of
profitability.
Axxora's ALEXIS(R) Biochemicals division, based in Lausen, Switzerland,
is an internationally recognized brand and an acknowledged leader in
manufacturing, in-licensing and commercializing high-quality reagents in key
research areas. Axxora's Apotech(R) division, also based in Switzerland, is
engaged in the discovery, development and production of new products in the
field of immunology, apoptosis and inflammation. Axxora's electronic marketplace
enables customers to purchase research reagents from internationally recognized
manufacturers covering all areas of the life sciences research reagents field.
"Axxora enjoys a strong international position as a developer,
manufacturer and distributor of reagents addressing immunological and cellular
research and the biochemical industries. We expect it to prove highly
synergistic with regard to the activities of Enzo Life Sciences," said Barry
Weiner, President of Enzo. "In addition to broadening our revenue base, the
acquisition will significantly expand our distribution capabilities
internationally providing Enzo with a base to market its products throughout
Europe and the rest of the world. It complements our Life Sciences business in
many ways. Axxora will have access to Enzo Life Sciences' technological
capabilities, and unique platforms particularly in the growing areas of nucleic
acid technology labeling and detection, where Enzo holds a solid proprietary
position. Furthermore, Axxora's strong European presence and operational
capabilities, along with its state-of-the-art electronic information and
ordering marketplace, which encompasses a wide range of diverse products, makes
this transaction especially attractive. Finally, we view this strategic
transaction as the beginning of a program to build critical mass in our Life
Sciences division via acquisition as well by organic growth."
Carl W. Balezentis Ph.D., President of Enzo Life Sciences, commented
that "Axxora has a proven leadership team and a strong international brand. We
see significant growth opportunities through Axxora's broad international
presence, the expansion of its reagent production, marketing capabilities, and
its integration with Enzo Life Sciences' proprietary position in this dynamic
field."
"We are excited that our well established life sciences business is
joining an organization that shares our focus on providing innovative,
high-quality research reagents," said Georges Chappuis, Ph.D., President and
Chief Executive Officer of Axxora. "With our senior management team, including
the heads of all our units, remaining in place following the acquisition, we
believe that the combined organization will be strongly positioned to maximize
new growth opportunities integrating Enzo's strong innovative research programs
with Axxora's international marketing capabilities"
The acquisition is subject to customary closing conditions and is
expected to close in early June 2007.
ABOUT ENZO
Enzo Biochem is engaged in the research, development and manufacture of
innovative health care products based on molecular biology and genetic
engineering techniques, and in providing diagnostic services to the medical
community. Enzo's Life Sciences division develops, produces and markets
proprietary labeling and detection products for gene sequencing and genetic
analysis. Its catalog of over 300 products serves the molecular biology, drug
discovery and pathology research markets. The Company's therapeutic division is
in various stages of clinical evaluation of its proprietary gene medicine for
HIV-1 infection and its proprietary immune regulation medicines for uveitis,
Crohn's Disease, and NASH (non-alcoholic steatohepatitis), and conducts
pre-clinical research on several candidate compounds aimed at producing new
mineral and organic bone, including technology that could provide therapy for
osteoporosis and fractures, among other applications. Enzo's Clinical Labs
division provides routine and esoteric reference laboratory services for
physicians in the New York Metropolitan area. Underpinning the Company's
technology and operations is an extensive intellectual property estate in which
Enzo owns or licenses over 200 patents worldwide, and has pending applications
for over 180 more. For more information visit our website www.enzo.com.
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A RESULT OF DEVELOPMENTS OCCURRING AFTER THE DATE OF THIS PRESS RELEASE.
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CONTACT:
For: Enzo Biochem, Inc.
Steve Anreder, 212-532-3232 or Ed Lewis, CEOcast, Inc., 212-732-4300