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news.Millipore Corporation, a company which supplies bioscience products and services to the pharmaceutical industry, has agreed to acquire Serologicals Corporation for approximately $1.4 billion in an all cash transaction.
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Under the deal, Millipore will assume the Serologicals’ debt and pay its shareholders $31.55 in cash for each share they own.
According to Millipore, the combined company will have revenues of $1.4 billion based on 2006 full year projections. The company also said that it believes 2007 revenues for the combined company will grow between 9% and 11% over 2006 pro forma revenues.
“This move will significantly increase our life sciences footprint and will advance many of our strategic objectives. Serologicals and Millipore are two of the fastest growing companies in our sector, and our combination will create a company with very attractive growth and profitability,” said Martin Madaus, CEO of Millipore.
The strategic combination of the companies is designed to strengthen Millipore’s bioscience division by giving it leading positions in a broad range of high growth segments such as drug discovery products and services, antibodies, cell biology reagents, and stem cell research.
Meanwhile, Millipore’s bioprocess division will gain a cell culture supplements offering that will facilitate its entry into the $1 billion upstream bioprocessing market. As a result, Millipore will be the only company in the life science industry that can offer both upstream cell culture and downstream separation offerings for biopharmaceutical production.