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news.Invitrogen and Applera have announced that their boards of directors have approved a definitive merger agreement, under which Invitrogen will acquire all of the outstanding shares of Applera's Applied Biosystems Group in a cash and stock transaction valued at $6.7 billion.
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The combined company will have a major presence in key growth markets and exceptional technical capabilities in the areas of genetic analysis, proteomics, cell biology and cell systems. Following the close of the transaction, the combined organization will be named Applied Biosystems and will have its corporate headquarters in Carlsbad, California.
Under the terms of the merger agreement, Applera-Applied Biosystems shareholders will receive $38 for each share of Applera-Applied Biosystems stock they own in the form of Invitrogen common stock and cash. The expected split between cash and stock is 45% and 55%, respectively. Upon completion of the transaction, Invitrogen shareholders will own the majority of the company.
Following the closing of the transaction, the board of directors of the new company will be composed of the nine current Invitrogen board members and three additional members from the current Applera Board. Gregory Lucier will be chairman and CEO of the combined company, and Mark Stevenson will become president and COO.
Mr Lucier said: “With this acquisition, we are nearly doubling our consumables business as almost half of Applied Biosystems’s revenues are consumable in nature. It also provides significant value creating opportunities for customers, shareholders and employees alike.”