Molecular Devices Announces Completion of Its Acquisition of Axon Instruments
July 01 2004 - 6:26PM
PR Newswire (US)
Molecular Devices Announces Completion of Its Acquisition of Axon
Instruments SUNNYVALE, Calif., July 1 /PRNewswire-FirstCall/ --
Molecular Devices Corporation (NASDAQ:MDCC) today announced that it
has completed its acquisition of Axon Instruments, Inc. The
stockholders of both companies have approved the transaction, and
all regulatory requirements and other conditions have been
satisfied. Pursuant to the merger agreement announced on March 21,
2004, former Axon stockholders are receiving 0.00734 of a share of
Molecular Devices common stock and $0.1359 cash for each share of
Axon common stock. Molecular Devices is issuing approximately 3.6
million shares of its common stock and paying approximately $68
million of cash in exchange for all of the outstanding shares of
Axon. Molecular Devices also assumed employee options to acquire
approximately 536,000 shares of Molecular Devices common stock, as
well as other options to acquire approximately 38,000 shares of
Molecular Devices common stock and approximately $700,000 in cash.
As a result of the acquisition, Molecular Devices received
approximately $26 million in cash that had been on the balance
sheet of Axon. The merger will be accounted for using the purchase
method. About Molecular Devices Corporation Molecular Devices
Corporation is a leading developer of high-performance,
bioanalytical measurement systems that accelerate and improve drug
discovery and other life sciences research. Molecular Devices'
systems and consumables enable pharmaceutical and biotechnology
companies to leverage advances in genomics and combinatorial
chemistry by facilitating the high-throughput and cost-effective
identification and evaluation of drug technologies that integrate
its expertise in engineering, molecular and cell biology, and
chemistry. Molecular Devices enables its customers to improve
research productivity and effectiveness, which ultimately
accelerates the complex process of discovering and developing new
drugs. Forward-Looking Statements This press release contains
"forward-looking" statements, including statements related to the
success of the acquisition and potential future revenues, expense
synergies and earnings. Any statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements. Words such as "believes,"
"anticipates," "plans," "expects," "will," and similar expressions
are intended to identify forward-looking statements. The success of
the acquisition and future operating results of Molecular Devices
may differ materially from the results discussed or forecasted in
the forward-looking statements due to factors that include, but are
not limited to, risks associated with acquisitions, such as the
potential inability to realize the expected benefits and synergies
of the transaction, risks related to future opportunities and plans
for the combined company, potential difficulties in the
assimilation of operations, strategies, technologies and products
of the acquired company, the risk of loss of key personnel of the
acquired company and the risk of diversion of management's
attention from other business concerns, and general business risks
including, among others, risks detailed from time to time in
Molecular Devices' SEC reports, including its Annual Report on Form
10-K for the year ended December 31, 2003, as amended, its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2004,
and its Registration Statement on Form S-4 (Registration No.
333-114934), as amended. Molecular Devices Corporation does not
undertake any obligation to update forward-looking statements.
DATASOURCE: Molecular Devices Corporation CONTACT: Tim Harkness of
Molecular Devices Corporation, +1-408-747-3533 Web site:
http://www.moleculardevices.com/
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