My favorite 'Boring Biotech' right now, is also a tools and shovels company: CALP: Caliper Life Sciences.

This company has made a number of very smart acquisitions (IMO) in the last 9 years or so; and, most importantly to me, has demonstrated an excellence at integrating them together.
I posted recently on the AFFX board, for anyone interested:

http://boards.fool.com/Message.asp?mid=23861607

AFFX is hardly an unknown company now; in fact, the Rule Breakers newsletter has made it one of its picks (it's down in price since then; something that is not bad for anyone thinking of buying. Though I'm still not sure of what's going on with the management shakeup at the moment). But CALP is essentially a biotech's tool supplier tools supplier; and with none of the bad news that some (like AFFX) are having to wrestle with at the moment. And unlike ILMN, it is not priced to perfection; in fact, far from it. It's quiet, non-aggrandizing---with a CEO who I think has shown himself to be a combination of : a) excellent manager, and leader, and integrator; and, b: doesn't have an outsize ego. (No kidding).

just my two yen.

jp