The companies released the news in a statement last week, but did not disclose the value of the deal.
The two companies both provide products that assist hemostasis medicine – that is the practice of stopping the flow of blood. The blending of the two companies will mean that Precision will have a wider array of products to sell its customers.
Precision BioLogic sells hemostasis diagnostic products and it is now expanding its offering as Affinity produces reagents and kits used in hemostasis and thrombosis research and diagnostics.
“This acquisition marks an important step in the development of our company and execution of our strategic plan,” said Precision President and CEO Paul Empey in the statement. “The two organizations serve a similar market with complementary product lines, which will allow us to better serve existing customers and develop new products for research and diagnostics.”
Added Affinity President Hugh Hoogendoorn: “It’s a logical fit. Affinity and Precision BioLogic share many of the same guiding principles, including a commitment to quality products and service. The resulting synergy will create exciting opportunities for us and our customers.”
The statement said the two companies will continue to focus on their customers and regular operations while developing longer term strategic plans under the Precision BioLogic umbrella.
Affinity was founded in 1987 by Hugh and Patricia Hoogendoorn. The company has become a primary manufacturer of more than 300 reagents and kits used in hemostasis and thrombosis research and diagnostics.
Precision BioLogic is best known for its CRYOcheck line of frozen products used by medical professionals and researchers around the globe to diagnose coagulation disorders.