By Lisa Kerner
Charlotte, N.C., Jan. 29 - MDS Inc. agreed to acquire all the common stock of Molecular Devices Corp. for $35.50 per share in a $615 million cash transaction, according to a company news release.
The transaction is expected to close in the second quarter of 2007.
MDS plans combine Molecular Devices and its MDS Sciex into a new business unit led by MDS Sciex president Andy Boorn. Both the MDS Sciex and Molecular Devices brand names will continue to exist under the new business unit.
"This exciting acquisition builds upon our MDS Sciex platform, and is a perfect fit with our strategy," MDS president and chief executive officer Stephen P. DeFalco said in the release.
"This acquisition delivers on our commitment to invest in businesses that broaden our capabilities with our customers and provide strong returns for our shareholders."
Molecular Devices is a Sunnyvale, Calif., supplier of measurement tools for screening, cellular analysis and biochemical testing.
MDS is a global life sciences company based in Toronto.
| Acquirer: | MDS Inc.
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| Target: | Molecular Devices Corp.
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| Payment per share: | $35.50 per share
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| Announcement date: | Jan. 29
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| Expected closing: | Second quarter of 2007
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| Stock price for target: | Nasdaq: MDCC; $23.88 on Jan. 26
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