Thermo Fisher Scientific and Life Technologies Corporation have signed a definitive agreement under which Thermo Fisher will acquire Life Technologies for $13.6 billion, plus the assumption of net debt at close ($2.2 billion as of year end 2012).
A statement from both the companies has said that this acquisition will strengthen technology and innovation leadership through complementary offerings that broaden Thermo Fisher's industry-leading portfolio.The combined company will also build on its strong foothold in Asia-Pacific, particularly in China, to meet increasing customer demand in life sciences and healthcare. The combination will build on both companies' technological strengths to accelerate results for life sciences customers working in proteomics, genomics and cell biology.
"We are extremely excited about this transaction because it creates the ultimate partner for our customers and significant value for our shareholders," said Mr Marc N Casper, president and chief executive officer of Thermo Fisher Scientific. "The acquisition of Life Technologies enhances all three elements of our growth strategy: technological innovation, a unique customer value proposition and expansion in emerging markets.
He added, "Our customers in research and applied markets will now be able to achieve even higher levels of innovation and productivity by working with the combined company. We're especially excited about the new opportunities we will have to leverage our complementary offerings, fueled by a shared commitment to continuous innovation."
Mr Gregory T Lucier, chairman and chief executive officer of Life Technologies, said, "This transaction brings together two companies intent on accelerating innovation for our customers and achieving greater success in a highly competitive global industry. Further, this combination delivers immediate and significant cash value to our stockholders and represents a successful conclusion to the board's strategic review to enhance stockholder value and develop an even stronger future for Life Technologies."