Invitrogen to Acquire Immunological Reagent Provider Caltag Laboratori

    Business Editors/Health/Medical Writers
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    CARLSBAD, Calif. & BURLINGAME, Calif.--(BUSINESS WIRE)--May 16, 2005--Invitrogen Corporation (Nasdaq:IVGN) today announced it has signed a definitive agreement to acquire privately held immunological assay manufacturer Caltag Laboratories in a cash transaction totaling $20 million. Caltag develops, manufactures and markets antibodies and reagents to biotechnology and pharmaceutical companies, private and university hospitals and research laboratories. The transaction is expected to close by the end of the second quarter of 2005.
    "Caltag's expertise in producing antibodies and reagents for flow cytometry applications adds another key capability to Invitrogen's proteomics portfolio that we strengthened earlier this year with the acquisition of Zymed Laboratories and its 3,000 antibodies and related products," said Gregory T. Lucier, Chairman and CEO of Invitrogen Corporation. "Caltag also strengthens Invitrogen's new Antibody Center of Excellence that we have established in the San Francisco Bay Area."
    Caltag's expanding collection of antibodies is currently used in cellular research to detect cell surface and intercellular markers in human, rat and mouse cells. Caltag is also a pioneer in the development and introduction of tandem dyes for multi-color flow cytometry -- a widely-used method for measuring the number of cells in a given sample, the percentage of living cells in that sample, as well as cell characteristics such as size, shape or even the presence of tumor markers on the cell surface.
    "As proteomics drives disease research forward, Invitrogen is creating a powerful collection of technologies to address critical applications in the field," added Cheri Walker, Vice President of Proteomics for Invitrogen. "Caltag's strength in supporting flow cytometry work is a natural fit for this goal through its synergies with Invitrogen's upstream proteomics technologies."
    In addition to its work in the research market, Caltag has developed a number of technologies for diagnostic applications. Fifteen of the company's products have been cleared-to-date by the FDA through the 510(k) process for use as Class II In-Vitro Diagnostic Devices. Additionally, the company's facilities meet GMP requirements, enabling it to register approximately 500 antibodies as Class I Analyte Specific Reagents (ASRs) with the FDA. The company's subsidiary in Germany currently offers more than 200 antibodies which are CE marked in nine different languages for European Union diagnostic sales.
    Invitrogen, through several recent initiatives, has positioned itself as an essential supplier of technologies to companies in the research and clinical diagnostics area. Caltag's technology strength adds to Invitrogen's overall support of this important space.
    "Adding our robust immunological technology collection to Invitrogen's broad proteomics portfolio will create a powerful solution for researchers looking for quality and consistency throughout their studies," said Helga Johnson, President and co-founder of Caltag.
    Caltag's approximately 50 local employees will remain in the San Francisco area as part of Invitrogen's Antibody Center of Excellence. In the twelve months following the acquisition, Caltag is expected to generate sales of approximately $10 million. Invitrogen expects the transaction to be neutral to 2005 pro forma earnings per share, and 2 cents accretive in 2006.

    About the Companies

    Invitrogen Corporation (Nasdaq:IVGN) provides products and services that support academic and government research institutions and pharmaceutical and biotech companies worldwide in their efforts to improve the human condition. The company provides essential life science technologies for disease research, drug discovery and commercial bioproduction. Invitrogen's own research and development efforts are focused on breakthrough innovation in all major areas of biological discovery, including functional genomics, proteomics, bioinformatics and cell biology -- placing Invitrogen's products in nearly every major laboratory in the world. Founded in 1987, Invitrogen is headquartered in Carlsbad, Calif., and conducts business in more than 70 countries around the world. The company globally employs approximately 4,500 scientists and other professionals and had revenues of more than $1 billion in 2004. For more information, visit www.invitrogen.com.

    CALTAG Laboratories was formed in late 1985 to take advantage of the extensive experience of the founders in the immunological reagents field. This experience spans the period from the 1960's to the present, and encompasses nearly all the significant advances in antibody technology. It has pioneered the commercial introduction of such developments as the affinity-isolation of antibodies (early 1970's), the PE-Cy5 tandem conjugates commonly used today for multi-color flow cytometry and most recently the PE-Cy7 tandems. CALTAG offers reagents for many immunological assays, but the principal focus has been on multi-color assays for flow cytometry. For more information, visit www.caltag.com.

    Safe Harbor/Forward Looking Statements

    Certain statements contained in this press release are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is Invitrogen's intent that such statements be protected by the safe harbor created thereby. Forward-looking statements include, but are not limited to: 1) Invitrogen's technologies will address critical applications in the field of proteomics; 2) Adding Caltag's technologies to Invitrogen's product portfolio will enable higher quality and consistency in customers' research; 3) Caltag's approximately 50 local employees will remain in the San Francisco area as part of Invitrogen's Antibody Center of Excellence; 4) Caltag will generate revenues of $10 million in the 12 months following the closing of the deal; 5) The transaction will be neutral to Invitrogen's 2005 pro forma earnings per share and 2 cents accretive in 2006. Potential risks and uncertainties include, but are not limited to, the risks: a) Invitrogen's technologies may not be applied broadly across applications in proteomics; b) The combined technologies of Caltag and Invitrogen may not improve the quality or consistency of research; c) Invitrogen may not be able to retain all of Caltag's employees; d) Actual revenue and pro forma earnings per share may vary from current projections, as well as other risks and uncertainties detailed from time to time in Invitrogen's Securities and Exchange Commission filings.

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CONTACT: Invitrogen Corporation Greg Geissman, 760-476-7032 (Media) gregory.geissman@invitrogen.com or Adam Taich, 760-603-7208 (Investors) adam.taich@invitrogen.com or BioCom Partners (Agency) Stephen Gendel, 212-918-4650 or 917-856-3915 (mobile) sgendel@biocompartners.com or Caltag Laboratories Robert C. Johnson, 650-652-0468 rcjohnson@caltag.com

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: PHARMACEUTICAL BIOTECHNOLOGY MEDICAL MERGERS/ACQ SOURCE: Invitrogen Corporation

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