MDS buying Molecular Sciences for $615M |
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Published
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Mon, 29 Jan 2007 15:36
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NEW YORK (AFX) - Drug developer MDS Inc. said Monday it is buying bioanalytical measurement systems maker Molecular Devices Corp. for $615 million in cash.Under terms of the deal, MDS will pay $35.50 per share for all outstanding shares of Molecular Devices. The offer represents a 48.7 percent premium over Molecular Devices' closing price of $23.88 on Friday. The total price includes $585 million to buy outstanding shares plus $30 million for outstanding stock options.MDS said the buyout will 'modestly' add to earnings in 2007 and significantly add to profit in 2008 and beyond. The company expects total savings of between $10 million and $12 million, with $7 million in 2007.The company said it will create a new business unit that will combine Molecular Devices and its MDS Sciex division. The combined business will have more than 1,100 employees with 250 scientists and engineers. Current MDS Sciex President Andy Boom will oversee the new operation.Molecular Devices reported revenue of $185 million in 2006. The deal is expected to close during the second quarter.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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