Invitrogen to buy Molecular Probes for $325 million cash
Posted on: Wednesday, 2 July 2003, 06:00 CDT
CARLSBAD, California (AP) -- Invitrogen Corp., which makes equipment for biotechnology companies, Wednesday said it will buy Molecular Probes Inc. for $325 million in cash.
Molecular Probes develops fluorescence-based technologies for use in labeling molecules for biological research and drug discovery.
Carlsbad-based Invitrogen said it expects the transaction to add to earnings this year and in 2004.
``The combination of Molecular Probes' fluorescence-based technologies with our enzymes, cloning systems, and protein analysis tools will provide outstanding opportunities to enhance the discovery process of academic and commercial researchers,'' Invitrogen said.
Both companies' boards have approved the transaction, which is expected to close in the third quarter, subject to regulatory review.
Privately held Molecular Probes posted revenue of $56 million in 2002 and expects revenue of $66 million in 2003.
The company has more than 150 patents and patent applications as well as fully equipped R&D and manufacturing facilities in Eugene, Oregon, and facilities in The Netherlands.
Invitrogen posted first-quarter revenue of $180.6 million.
The Molecular Probes acquisition follows Invitrogen's $95 million cash purchase in the first quarter of PanVera LLC.
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