Danaher to Acquire Life Sciences Instrumentation Businesses From MDS Inc. and Life Technologies Corporation
September 02 2009 - 7:00AM
PR Newswire (US)
WASHINGTON, Sept. 2 /PRNewswire-FirstCall/ -- Danaher Corporation
(NYSE: DHR) today announced that it has signed a definitive
agreement with MDS Inc. (TSX: MDS; NYSE: MDZ) to acquire the
Analytical Technologies division of MDS, which includes a 50%
ownership position in Applied Biosystems/MDS Sciex joint venture
("AB SCIEX"), a mass spectrometry business, and a 100% ownership
position in the former Molecular Devices Corporation, a bioresearch
and analytical instrumentation company. In a separate, but related
transaction, Danaher also announced that it has signed a definitive
agreement with Life Technologies Corporation (NASDAQ:LIFE) to
acquire the remaining 50% ownership position in AB SCIEX. After
completion of both transactions, Danaher will own outright AB SCIEX
and Molecular Devices. The aggregate purchase price for the
combined transactions is $1.1 billion, including debt assumed and
net of cash acquired. AB SCIEX is a leading designer and
manufacturer of mass spectrometers, highly sensitive and
sophisticated instruments used by researchers and clinicians to
identify and quantify specific molecules in complex samples. AB
SCIEX sells into the research, applied and clinical markets.
Typical applications include proteomics research, drug development,
food and environmental safety testing and diagnostics testing.
Customers include academic and research institutions,
pharmaceutical development labs primarily supporting clinical
trials, testing and reference labs and hospitals. Molecular Devices
supplies high-performance bio-analytical instrumentation systems
and consumables that accelerate and improve research productivity
and effectiveness in life science research and drug discovery. The
acquired businesses will operate within Danaher's Medical
Technologies segment, joining Danaher's Leica, Radiometer, Sybron,
and KaVo businesses, and will expand the segment's annual revenues
by more than $650 million. The acquired businesses will increase
Danaher's life sciences and diagnostics annual revenues to more
than $2 billion. Danaher's Medical Technologies brands are some of
the most highly recognized in each of their respective product
segments. Danaher's President and CEO, H. Lawrence Culp, Jr., said,
"AB SCIEX is the market leader in mass spectrometry and its
instruments address the needs of a broad scientific community
involved in many applications including the research, applied and
clinical markets. Additionally, Molecular Devices is known for
high-quality, innovative products in the segments it serves. We are
excited about the opportunity to acquire two leading brands in the
life sciences instrumentation market, which will complement our
existing Medical Technologies businesses and present an attractive
value creation opportunity." The transaction with MDS Inc. is
subject to approval of the MDS shareholders. Both transactions are
subject to regulatory approval and customary closing conditions,
including the absence of material adverse change with respect to
the acquired businesses. Danaher expects the transactions to close
in the fourth quarter of 2009. Danaher will host a conference call
to discuss the transactions on September 2, 2009 at 8:30 AM ET. The
U.S. dial-in number is 888-516-2435; the international dial-in
number is 719-457-2637; with reference ID Code 8896948. A telephone
replay will be available by dialing 888-203-1112 in the US; and
719-457-0820 internationally; with ID Code 8896948. The replay will
be available through September 6, 2009. The conference call and
replay will also be available via webcast in the Investor section
of http://www.danaher.com/. About Danaher Danaher (NYSE:DHR), based
in Washington. D.C., is a diversified technology leader that
designs, manufactures, and markets innovative products and services
to professional, medical, industrial, and commercial customers. Our
portfolio of premier brands is among the most highly recognized in
each of the markets we serve. Driven by strong core values and a
foundation provided by the Danaher Business System, our 50,000
associates serve customers in more than 125 countries and generated
$12.7 billion of revenue in 2008. For more information please visit
our website: http://www.danaher.com/. Statements in this document
that are not strictly historical, including statements regarding
the proposed acquisition, the expected timetable for completing the
transactions, future financial and operating results, benefits and
synergies of the transactions, future opportunities for the
combined company and any other statements about managements' future
expectations, beliefs, goals, plans or prospects, may constitute
forward looking statements. These are a number of important factors
that could cause actual events to differ materially from those
suggested or indicated by such forward-looking statements. These
factors include, among other things: general economic conditions
and conditions affecting the industries in which AB SCIEX and
Molecular Devices operate; the uncertainty of regulatory approvals;
the parties' ability to satisfy the closing conditions and
consummate the transactions; Danaher's ability to successfully
integrate AB SCIEX and Molecular Devices operations and employees
with Danaher's existing business; and the ability to realize
anticipated growth, synergies and cost savings. Additional
information regarding factors that may cause actual results to
differ materially from these forward-looking statements is
available in Danaher's SEC filings, including Danaher's 2008 Annual
Report on Form 10-K and Quarterly Report on Form 10-Q for the
quarter ended July 3, 2009. These forward-looking statements speak
only as of the date of this release and Danaher does not assume any
obligation to update any forward-looking statement. DATASOURCE:
Danaher Corporation CONTACT: Matt R. McGrew, Vice President,
Investor Relations of Danaher Corporation, +1-202-828-0850, Fax,
+1-202-828-0860 Web Site: http://www.danaher.com/
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