Beckman Coulter to acquire diagnostic systems business from Olympus

As part of the agreement, Beckman Coulter has the right to deliver up to 37.5% of the purchase price in the form of Beckman Coulter stock. Correspondingly, Beckman Coulter expects to finance the acquisition with a combination of newly issued Beckman Coulter common stock (approximately $300 million) and newly issued debt (approximately $500 million).

This acquisition will broaden the company’s chemistry offering, establishing a leadership position with particular strength in larger hospital laboratories, said Beckman Coulter. In addition, the transaction will extend its chemistry customer base representing a new customer set for Beckman Coulter’s immunoassay products.

This transaction is expected to close in the third quarter of 2009 and is subject to customary government approvals, the finalization of certain ancillary agreements and the disclosure schedules, as well as other customary conditions.

Scott Garrett, Beckman Coulter’s chairman, president and CEO, said: “This transaction combines the chemistry product lines of our two companies into a complete chemistry systems offering. It enhances Beckman Coulter as a provider of chemistry products with additional opportunities to expand our immunoassay reach into their chemistry installed base.

“In addition, Beckman Coulter’s strength in total lab automation will be complemented by Olympus’s strong pre-analytical automation position in Europe and Asia.”