Bio-Rad Laboratories

Last updated
Bio-Rad Laboratories, Inc.
Company type Public
Industry
  • Medical laboratories
  • life science research
Founded1952;72 years ago (1952)
Founders
Headquarters
Hercules, California
,
U.S.
Area served
Global
Key people
  • Norman Schwartz
  • (President & CEO)
  • Andy Last
  • (COO)
  • Ilan Daskal
  • (CFO) [1]
  • Michael Crowley
  • (EVP Global Commercial Operations)
  • Simon May [2]
  • (President, Life Science Group)
  • Dara Wright
  • (President, Clinical Diagnostics Group)
RevenueIncrease2.svg US$2.92 billion (2021)
Increase2.svgUS$489.4 million (2021)
Increase2.svgUS$4.24 billion (2021)
Total assets Increase2.svgUS$17.78 billion (2021)
Total equity Increase2.svgUS$13.67 billion (2021)
Number of employees
c. 7,900 (December 2021)
Website bio-rad.com
Footnotes /references
[3]

Bio-Rad Laboratories, Inc. is an American developer and manufacturer of specialized technological products for the life science research and clinical diagnostics markets. The company was founded in 1952 in Berkeley, California, by husband and wife team David and Alice Schwartz, both graduates of the University of California, Berkeley. Bio-Rad is based in Hercules, California, and has operations worldwide.

Contents

Business segments

Bio-Rad’s life science products primarily include instruments, software, consumables, reagents, and content for the areas of cell biology, gene expression, protein purification, protein quantitation, drug discovery and manufacture, food safety, and science education. These products are based on technologies to separate, purify, identify, analyze, and amplify biological materials such as antibodies, proteins, nucleic acids, cells, and bacteria. [4]

Bio-Rad’s diagnostic products and systems use a range of technologies and provide clinical information in the blood transfusion, diabetes monitoring, autoimmune, and infectious disease testing markets. These products are used to support the diagnosis, monitoring, and treatment of diseases and other medical conditions. [5]

History

Bio-Rad Laboratories was founded in 1952 by David Schwartz and his wife Alice, both recent graduates of the University of California, Berkeley. [6] In 1976, Bio-Rad acquired Environmental Chemical Specialties (ECS), a producer of human control serum. [7] [8]

In 2008, Bio-Rad were notable for being the opening bell ringers at the New York Stock Exchange on 24 October, a date which went down in financial history as 'Bloody Friday', which saw many of the world's stock exchanges experience the worst declines in their history, with drops of around 10% in most indices. [9]

In 2011, Bio-Rad acquired a new technology, droplet digital PCR. Droplet digital PCR allows scientists to distinguish rare sequences in tumors and precisely measure copy number variation. [10]

In January 2013, Bio-Rad purchased AbD Serotec, a division of MorphoSys AG. [11] This added Serotec’s more than 15,000 antibodies, kits, and accessories to Bio-Rad’s portfolio of research and clinical diagnostic products. [12]

In 2016, the company had direct distribution channels in over 35 countries outside the United States through subsidiaries whose focus is sales, customer service and product distribution. In some locations outside and inside these 35 countries, sales efforts were supplemented by distributors and agents. [13]

In 2017, Bio-Rad acquired RainDance Technologies, a droplet-based PCR systems manufacturer. [14] [15]

In March 2021, Bio-Rad announced a partnership with Roche. [16]

Vickers Instruments

In 1989, Bio-Rad purchased the British instrument-making firm, Vickers (1828 - 1999), apart from their defense products, which were sold to British Aerospace. This company had been known until 1963 as Cooke, Troughton & Simms. Cooke, Troughton & Simms was formed in 1922 by the merging of T. Cooke & Sons, a York-based instrument maker founded in 1837 by the self-taught schoolmaster Thomas Cooke, and the London instrument-maker, Troughton & Simms founded in 1828 by Edward Troughton who began his apprenticeship in 1773. [17]

Bioradiations

Bioradiations is an online magazine created by Bio-Rad that offers researchers case studies, whitepapers, tips, techniques, and topics related to Bio-Rad products and services. [18] Bioradiations began as a print magazine that was launched in 1965 [19] and was printed until 2011 and replaced with the online publication. [20]

FCPA bribery lawsuits

From 2005 to 2010, Bio-Rad subsidiaries made bribes to foreign government officials, and made other payments intentionally ignoring the high likelyhood of bribery. The bribes were estimated to have made $35.1 million profit for Bio-Rad, primarily from sales in Russia, Vietnam, and Thailand: [21]

In 2017, Bio-Rad paid $55 million to settle cases with the Department of Justice and the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act (FCPA). [22] [23] The company was accused failing to prevent or detect bribes to foreign officials, and for falsifying its books to hide these bribes as legitimate expenses.

Whistleblower retaliation lawsuit

In 2013, Bio-Rad's general counsel of 25 years, Sanford Wadler, followed internal whistleblowing procedures by reporting suspected bribery to Bio-Rad's audit committee, believing Bio-Rad had falsified books and records. The company fired him for making this report, which the courts found to amount to California common law wrongful discharge in violation of public policy.

In 2017, a federal jury awarded Wadler with a $10.9 million settlement. [24] This was appealed by Bio-Rad, and in 2019 the US appeals court reduced this to $7.96 million, plus $3.5 million in attorneys' fees and costs. [25]

See also

Related Research Articles

<span class="mw-page-title-main">Agilent Technologies</span> American technology company

Agilent Technologies, Inc. is a global company headquartered in Santa Clara, California, that provides instruments, software, services, and consumables for laboratories. Agilent was established in 1999 as a spin-off from Hewlett-Packard. The resulting IPO of Agilent stock was the largest in the history of Silicon Valley at the time. From 1999 to 2014, the company produced optics, semiconductors, EDA software and test and measurement equipment for electronics; that division was spun off to form Keysight. Since then, the company has continued to expand into pharmaceutical, diagnostics & clinical, and academia & government (research) markets.

<span class="mw-page-title-main">SAP</span> German multinational enterprise-software company

SAP SE is a German multinational software company based in Walldorf, Baden-Württemberg. It develops enterprise software to manage business operations and customer relations. The company is the world's leading enterprise resource planning (ERP) software vendor. Apart from ERP software, the company also sells database software and technology, cloud-engineered systems, and other ERP software products, such as human capital management (HCM) software, customer relationship management (CRM) software, enterprise performance management (EPM) software, product lifecycle management (PLM) software, supplier relationship management (SRM) software, supply chain management (SCM) software, business technology platform (BTP) software and programming environment SAP AppGyver for business.

Affymetrix is now Applied Biosystems, a brand of DNA microarray products sold by Thermo Fisher Scientific that originated with an American biotechnology research and development and manufacturing company of the same name. The Santa Clara, California-based Affymetrix, Inc. now a part of Thermo Fisher Scientific was co-founded by Alex Zaffaroni and Stephen Fodor. Stephen Fodor and his group, based on their earlier development of methods to fabricate DNA microarrays using semiconductor manufacturing techniques.

T. Cooke & Sons was an English instrument-making firm, headquartered in York. It was founded by Thomas Cooke by 1837.

Cooke, Troughton & Simms was a British instrument-making firm formed in York in 1922 by the merger of T. Cooke & Sons and Troughton & Simms.

<span class="mw-page-title-main">Foreign Corrupt Practices Act</span> United States federal law

The Foreign Corrupt Practices Act of 1977 (FCPA) is a United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests.

Marubeni Corporation is a sōgō shōsha headquartered in Nihonbashi, Chuo, Tokyo, Japan. It is one of the largest sogo shosha and has leading market shares in cereal and paper pulp trading as well as a strong electrical and industrial plant business. Marubeni is a member of the Mizuho keiretsu.

<span class="mw-page-title-main">PerkinElmer</span> American corporation focused on life science research

PerkinElmer, Inc., previously styled Perkin-Elmer, is an American global corporation that was founded in 1937 and originally focused on precision optics. Over the years it went into and out of several different businesses via acquisitions and divestitures; these included defense products, semiconductors, computer systems, and others. By the 21st century, PerkinElmer was focused in the business areas of diagnostics, life science research, food, environmental and industrial testing. Its capabilities include detection, imaging, informatics, and service. It produced analytical instruments, genetic testing and diagnostic tools, medical imaging components, software, instruments, and consumables for multiple end markets. PerkinElmer was part of the S&P 500 Index and operated in 190 countries.

<span class="mw-page-title-main">Smith & Nephew</span> Medical equipment manufacturing company based in Watford, England

Smith & Nephew plc, also known as Smith+Nephew, is a British multinational medical equipment manufacturing company headquartered in Watford, England. It is an international producer of advanced wound management products, arthroscopy products, trauma and clinical therapy products, and orthopaedic reconstruction products. Its products are sold in over 100 countries. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Biomet, Inc., was a medical device manufacturer located in the Warsaw, Indiana, business cluster. The company specialized in reconstructive products for orthopedic surgery, neurosurgery, craniomaxillofacial surgery and operating room supplies. In 2015, Biomet became part of the new company Zimmer Biomet.

<span class="mw-page-title-main">Technip</span> Company in project management, engineering, and construction for the energy industry

Technip S.A. was a company that carried out project management, engineering and construction for the energy industry; in 2017 it completed a merger with FMC Technologies to form TechnipFMC. Its headquarters were in the 16th arrondissement of Paris. It has about 38,000 employees and operates in 48 countries.

<span class="mw-page-title-main">Agriculture in Kyrgyzstan</span> Agriculture of Kyrgyzstan

Agriculture in Kyrgyzstan is a significant sector of the economy. According to the CIA World Factbook, it comprises 18% of the total GDP and occupies 48% of the total labor force. Only 6.8% of the total land area is used for crop cultivation, but 44% of the land is used as pastures for livestock. Because of the many mountains of Kyrgyzstan, animal husbandry remains a significant part of the agricultural economy.

Laboratory Corporation of America Holdings, more commonly known as Labcorp, is an American healthcare company headquartered in Burlington, North Carolina. It operates one of the largest clinical laboratory networks in the world, with a United States network of 36 primary laboratories. Before a merger with National Health Laboratory in 1995, the company operated under the name Roche BioMedical. Labcorp performs its largest volume of specialty testing at its Center for Esoteric Testing in Burlington, North Carolina, where the company is headquartered. As of 2018, Labcorp processes 2.5 million lab tests weekly.

A facilitating payment, facilitation payment, or grease payment is a payment to government employees to speed up an administrative process whose outcome is already determined. Although ethically questionable, it is not considered to be bribery according to the legislation of some states as well as in international anti-bribery conventions.

Innospec Inc., formerly known as Octel Corporation and Associated Octel Company, Ltd., is an American specialty chemical company. It comprises three business units: the Performance Chemicals business trades in the personal care, home care, agrochemical, mining and industrial markets. The Fuel Specialties business specializes in manufacturing and supplying fuel additives. The Oilfield Services business supplies drilling, completion and production chemicals. The Octane Additives business ceased trading in 2020, and the manufacture of tetraethyllead (TEL) used in the manufacture of 100LL avgas was transferred to the Fuel Specialities segment. The company has ceased the sales of TEL for use in motor gasoline, which was previously sold from the UK to Algeria.

Integrity management consulting is an emerging sector of consultancy that advises individuals and corporations on how to apply the highest ethical standards to every aspect of their business. Integrity within a corporate set-up is a holistic approach that makes prudent and ethical decisions in finance and other areas, including operations, marketing, human resources and manufacturing. At the core of integrity management is the belief that companies have a strong interest and responsibility to act with integrity at all times.

Beam Suntory, Inc. is an American-founded, Japanese multinational company that produces alcoholic beverages. It is a subsidiary of Suntory, based in Osaka, Japan.

The Nigeria Customs Service (NCS) is an independent customs service under the supervisory oversight of the Nigerian Ministry of Finance, responsible for the collection of customs revenue, Facilitation of both national and international trade, anti-smuggling and security activities.

Pyxus International, Inc. is an international storage, sales, distribution company and is a publicly held independent leaf tobacco merchant. The company generates revenue primarily by selling leaf tobacco and relevant processing fees charged from tobacco manufacturers worldwide. As of 2014, the company’s enterprise value is $1.27 billion. The company operates more than 50 manufacturing facilities worldwide. Its customer base include tobacco manufacturers in United Kingdom, Japan, China, U.S., Southeast of Asia region and elsewhere.

The GSK China scandal was a scandal where the China branch of the global drugmaker GlaxoSmithKline (GSK) pleaded guilty to paying bribes to doctors and hospitals to promote the company's products in China.

References

  1. ↑ Shumsky, Tatyana (3 April 2019). "CFO Moves: Alcon, Bio-Rad Laboratories, CMC Markets". The Wall Street Journal. Retrieved Nov 19, 2019.
  2. ↑ "Bio-Rad Appoints Simon May Executive Vice President and Life Science Group President". biospace.com. Retrieved 26 December 2021.
  3. ↑ "US SEC: 2021 Form 10-K Bio-Rad Laboratories, Inc". U.S. Securities and Exchange Commission. February 11, 2022.
  4. ↑ Bio-Rad Annual Report 2016 | http://www.bio-rad.com/webroot/web/pdf/corporate/annualreport/Annual_Report_2016.pdf
  5. ↑ "Bio-Rad Plans Additional Instruments for Burgeoning Blood Typing Business". 360dx.com. 8 March 2018. Retrieved 21 January 2022.
  6. ↑ "Alice Schwartz". forbes.com. Retrieved 21 January 2022.
  7. ↑ "ANALYTICAL CHEMISTRY, VOL. 47, NO. 14, DECEMBER 1975" (PDF). pdf.zlibcdn.com. Retrieved 21 January 2022.
  8. ↑ "Our history". bio-rad.com. Retrieved 21 January 2022.
  9. ↑ KUMAR, V. PHANI (October 24, 2008). "Indexes fall hard on bloody Friday". Marketwatch.
  10. ↑ Bio-Rad Annual Report 2011
  11. ↑ Mark, Barry. "Revenue Update on Bio-Rad Laboratories, Inc". Markets Bureau. Archived from the original on 2 April 2015. Retrieved 4 March 2015.
  12. ↑ "Bio-Rad Acquires AbD Serotec from MorphoSys". Genetic Engineering & Biotechnology News. 17 December 2012.
  13. ↑ Bio-Rad Annual Report 2016
  14. ↑ "Bio-Rad to Acquire RainDance Technologies". genengnews.com. 16 January 2017. Retrieved 25 January 2022.
  15. ↑ "Bio-Rad to Acquire RainDance Technologies". genomeweb.com. 16 January 2017. Retrieved 25 January 2022.
  16. ↑ "Bio-Rad Laboratories, Roche Enter Quality Control Partnership". genomeweb.com. 8 March 2021. Retrieved 26 December 2021.
  17. ↑ "Vickers Instruments - Borthwick Institute for Archives, The University of York". www.york.ac.uk. Retrieved 2019-11-27.
  18. ↑ "Bioradiations". bioradiations .com. Retrieved 21 January 2022.
  19. ↑ BioCompare
  20. ↑ "Bioradiations Looks Back". bioradiations .com. 13 January 2015. Retrieved 21 January 2022.
  21. ↑ "Cease and desist proceedings against Bio-Rad Laboratories, Inc. (Securities Exchange Act of 1934 Release No. 73496)" (PDF). 3 November 2014.
  22. ↑ "SEC.gov | SEC Charges California-Based Bio-Rad Laboratories With FCPA Violations". www.sec.gov. Retrieved 2023-12-21.
  23. ↑ "Office of Public Affairs | Bio-Rad Laboratories Resolves Foreign Corrupt Practices Act Investigation and Agrees to Pay $14.35 Million Penalty | United States Department of Justice". www.justice.gov. 2014-11-03. Retrieved 2023-12-21.
  24. ↑ "Fired Bio-Rad General Counsel Wins $10.9 Million in FCPA Whistleblower-Retaliation Case". 10 February 2017.
  25. ↑ Zuckerman, Jason (26 February 2019). "Bio-Rad Whistleblower Retains Most of his Record Whistleblower Retaliation Verdict on Appeal".

38°1′23.52″N122°16′40.35″W / 38.0232000°N 122.2778750°W / 38.0232000; -122.2778750

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.