HandyLab develops and manufacturers molecular diagnostic assays and automation platforms. The company, a spinout from University of Michigan, has been part of the Wolverine Venture Fund portfolio since 2000. Since that time, the Wolverine Venture Fund has participated in four rounds of financing in HandyLab.
The acquisition is subject to regulatory approvals and is expected to close during the first quarter of fiscal year 2010.
The $3.5m vehicle is a student-led venture fund and has served as a model for other university programs over the years.
In making the announcement of the deal, Tom Kinnear, Executive Director of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies and Wolverine Venture Fund Director, said: “Today’s news marks another exciting event for the Wolverine Venture Fund. “The fund was developed to provide students with a real-world educational experience and over the years, our students have been part of the full spectrum of the investment process.”