Invitrogen, Applied Biosystems merger expected in late October-early November

By Jennifer Chiou

New York, July 24 - Invitrogen Corp. announced that its planned acquisition of Applera Corp.'s Applied Biosystems Group is anticipated to close in late October to early November.

On June 12, it was announced that Invitrogen agreed to acquire Applera-Applied Biosystems in a $6.7 billion stock and cash deal.

Under the companies' definitive merger agreement, Applera-Applied Biosystems shareholders will receive $38 for each share of Applera-Applied Biosystems stock they own, with an expected split of 45% cash and 55% Invitrogen stock, it was previously reported.

The transaction is subject to approval by Invitrogen and Applera-Applied Biosystems shareholders and the satisfaction of customary closing conditions, completion of the previously filed and announced separation of Applera's Celera group and regulatory approvals. It is not subject to financing.

On June 16, Invitrogen said it is planning to get a $2.65 billion senior secured credit facility for its acquisition of Applera-Applied Biosystems. The facility consists of a $250 million revolver and $2.4 billion in term loans.

Following the close of the transaction, the combined company will be named Applied Biosystems, Inc. and will have its corporate headquarters in Carlsbad, Calif.

Invitrogen is a Carlsbad, Calif.-based provider of life science technologies for disease research, drug discovery and commercial bioproduction.

Applied Biosystems is a developer and marketer of instrument-based systems, consumables, software and services. The company is located in Norwalk, Conn.

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