MDS completes acquisition of Molecular Devices

By Lisa Kerner

Charlotte, N.C., March 28 - MDS Inc. completed the acquisition of Molecular Devices Corp. following the $35.50-per-share tender offer for outstanding shares of Molecular Devices, according to a company news release.

Molecular Devices' shares were delisted from the Nasdaq Global Select Market and ceased trading at the close of business Tuesday.

On March 20, MDS announced that its affiliate, Monument Acquisition Corp., had accepted 15,319,964 shares, or 92%, of Molecular Devices' outstanding stock in the tender offer.

A subsequent offering period for all remaining shares ended on March 23.

The newly launched business unit, MDS Analytical Technologies, combines Molecular Devices with MDS' MDS Sciex business to provide pharmaceutical, biotechnology, government, and academic laboratory customers with solutions to improve drug discovery and development efforts.

MDS Sciex president, Andy Boorn, will lead the new unit.

The companies announced a definitive merger agreement on Jan. 29.

Molecular Devices is a Sunnyvale, Calif., supplier of measurement tools for screening, cellular analysis and biochemical testing.

MDS is a life sciences company based in Toronto.

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