by Staff Writers
New York (AFP) April 15, 2013
Scientific equipment maker Thermo Fisher Scientific said Monday it was taking over biotech firm Life Technologies, a major force in genetic sequencing, for $13.6 billion.
The two said they had signed a definitive agreement on the deal, in which Thermo Fisher will pay $76 a share for Life Tech, a price 11.7 percent above Friday's close.
The deal also includes Thermo Fisher assuming $2.2 billion in Life Tech debt.
"The combination builds on both companies' technological strengths to accelerate results for life sciences customers working in proteomics, genomics and cell biology," the companies said in a statement.
Thermo Fisher shares were up 3.4 percent at $82.29 in early trade Monday, while Life Tech shares jumped 7.7 percent to $73.25.
Waltham, Massachusetts-based Thermo Fisher is a leader in equipment used for genetic sequencing, while Life Tech, in Carlsbad, California, is one of the leaders in developing sequencing technology.
Thermo Fisher has 39,000 employees worldwide and revenues of $12.5 billion in 2012, while Life Tech, with 10,000 employees and a store of 5,000 patents and licenses, brought in $3.8 billion.
"Our customers in research and applied markets will now be able to achieve even higher levels of innovation and productivity by working with the combined company," said Marc Casper, president and chief executive of Thermo Fisher.
"We're especially excited about the new opportunities we will have to leverage our complementary offerings, fueled by a shared commitment to continuous innovation."
Hospital and Medical News at InternDaily.com
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