Thermo Fisher also agreed to assume Life Tech’s debt of about $2.2 billion, according to the announcement.
The deal has already been approved by the directors of each company, and now requires a go-ahead from Life Tech’s stockholders. The cost of the purchase equates to $76 per diluted share of Life Tech stock.
“This transaction brings together two companies intent on accelerating innovation for our customers and achieving greater success in a highly competitive global industry,” said Gregory Lucier, Life Tech’s chairman and CEO. “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.”
Life Tech, which specializes in DNA sequencing and analyzing, employs around 1,200 workers in Carlsbad and about 10,000 worldwide.
While nothing was said about their fate in the announcement, Thermo Fisher spokeswoman Karen Kirkwood told City News Service the company is “committed to Carlsbad” and plans to invest in the facility to support growth.
Thermo Fisher, a producer of analytical instruments, automated systems, laboratory supplies and chemicals, has around 2,000 employees in California, Kirkwood said.
The companies said the sale is expected to close early next year.