Ebb & Flow

When Invitrogen bought BioReliance for $500 million in cash in early 2004, the rationale was clear: make a bioproduction powerhouse by coupling services with products. The deal combined IVGN's media, sera, reagents, packaging and cell lines with BioReliance's testing, development and manufacturing services for biologics.

But the products from IVGN and services from BioReliance didn't mesh as well as expected. As a result, any potential revenue synergies evaporated. Just over three years later, IVGN is closing the book on BioReliance, and last week announced plans to sell the unit to private equity firm Avista Capital Partners for about $210 million...