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Big news today. Invitrogen acquires ABI.
From GenomeWeb:
NEW YORK (GenomeWeb News) – Invitrogen and Applied Biosystems announced today that Invitrogen will acquire all of the outstanding shares of ABI in a cash and stock deal valued at $6.7 billion.
The acquisition combines Invitrogen’s portfolio of reagents and low-cost instruments focused on the molecular and cell biology and protein research markets with ABI’s vast array of consumables and instruments for applications such as DNA sequencing, proteomics, RNAi, gene expression, and applied testing.
The combined company, which will retain the Applied Biosystems name but will be based at Invitrogen’s headquarters in Carlsbad, Calif., will have approximately $3.5 billion in revenue, of which roughly 70 percent will come from consumables and services.
Invitrogen Chairman and CEO Greg Lucier and ABI President and COO Mark Stevenson will hold the same roles in the combined company. The board of directors will include nine current Invitrogen board members and three ABI board members, though the firms did not disclose the names of those directors.
The combined firm will boast a sales and service force of approximately 3,000 employees and have customers in more than 100 countries.
Under terms of the deal, ABI shareholders will receive $38 for each share they own in the form of Invitrogen stock and cash, with cash accounting for 45 percent of the split. The purchase price represents a 12 percent premium to ABI’s average closing price for the previous 30 trading days.
The firms expect the transaction to close in the fall, pending regulatory and shareholder approval.
The acquisition combines Invitrogen’s portfolio of reagents and low-cost instruments focused on the molecular and cell biology and protein research markets with ABI’s vast array of consumables and instruments for applications such as DNA sequencing, proteomics, RNAi, gene expression, and applied testing.
The combined company, which will retain the Applied Biosystems name but will be based at Invitrogen’s headquarters in Carlsbad, Calif., will have approximately $3.5 billion in revenue, of which roughly 70 percent will come from consumables and services.
Invitrogen Chairman and CEO Greg Lucier and ABI President and COO Mark Stevenson will hold the same roles in the combined company. The board of directors will include nine current Invitrogen board members and three ABI board members, though the firms did not disclose the names of those directors.
The combined firm will boast a sales and service force of approximately 3,000 employees and have customers in more than 100 countries.
Under terms of the deal, ABI shareholders will receive $38 for each share they own in the form of Invitrogen stock and cash, with cash accounting for 45 percent of the split. The purchase price represents a 12 percent premium to ABI’s average closing price for the previous 30 trading days.
The firms expect the transaction to close in the fall, pending regulatory and shareholder approval.
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