BioSource Ends Talks for Acquiring Operon

BioSource International Inc. has ended discussions regarding the acquisition of Operon Technologies Inc., the company has announced.

BioSource announced the signing of a letter of intent in May to acquire Operon, a privately held firm with headquarters in Alameda, Calif. The transaction was expected to be completed by June 30.

“We continue to feel that Operon’s current product mix, manufacturing capability and scientific team would be an excellent fit with BioSource,” James H. Chamberlain, chairman, president and chief executive officer of BioSource International, said in the statement. “However, as a result of our due diligence investigation, we concluded that the financial terms and accounting treatment of the transaction do not presently provide the value to BioSource’s shareholders that we anticipated.”

BioSource is a Camarillo-based supplier of immunological reagents and test kits used in biomedical research. Incorporated in 1989, it was listed on NASDAQ in May, 1993.