Invitrogen Signs Definitive Agreement to Acquire Dynal Biotech; Dynal's Leading Molecular Separation Technology Targets Key Medical Research Issues

Invitrogen Corporation (NASDAQ: IVGN) today announced it has signed a definitive agreement to acquire privately held molecular separation and purification technology pioneer Dynal Biotech from majority owner Nordic Capital and a co-investor for approximately NOK 2.5 billion. Dynal is the industry le...

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Bibliographic Details
Published inBusiness Wire p. 1
Format Newsletter
LanguageEnglish
Published New York Business Wire 08.02.2005
Subjects
Acquisitions & mergers
Biotechnology industry
Cloning
Drug development
Earnings per share
Investors
Laboratories
Medical research
Product development
Product lines
R&D
Research & development
Stem cells
Technological change
Technology
Trends
Webcasting
CARLSBAD, Calif. and OSLO, Norway
United States > US
Carlsbad California
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Summary:Invitrogen Corporation (NASDAQ: IVGN) today announced it has signed a definitive agreement to acquire privately held molecular separation and purification technology pioneer Dynal Biotech from majority owner Nordic Capital and a co-investor for approximately NOK 2.5 billion. Dynal is the industry leader in magnetic bead technologies that are used in cell separation and purification, cell stimulation, protein research, nucleic acid research and microbiology. The acquisition will provide Invitrogen with bead- based isolation technologies that can be leveraged across the company's broad technology portfolio. In addition, Dynal is a major supplier of specialized magnetic particles to major diagnostic product manufacturers for use in high-throughput automated immunoassay and other instrument systems. Certain statements contained in this press release are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is Invitrogen's intent that such statements be protected by the safe harbor created thereby. Forward-looking statements include, but are not limited to: 1) Invitrogen leveraging Dynal's technologies across its entire technology portfolio including assay development, RNAi, cloning, proteomic analysis, labeling and detection, and stem cell applications; 2) The combination of Invitrogen's and Dynal's technologies will create breakthrough innovations and/or produce expanded sets of matched reagent solutions; 3) Technologies created from the acquisition will have new applications in molecular diagnostics; 4) The combination of Invitrogen's and Dynal's technologies will play a key role in supporting emerging trends in healthcare; 5) Dynal's R & D investment will advance Invitrogen's goal of spending 10 percent of revenues on R & D; 6) The transaction will close by the end of the first quarter of 2005; 7) Dynal's revenues for the period of April through December 2005 will be approximately $74 million; 8) The transaction will be accretive to pro forma earnings per share by 7 cents in 2005 and 24 cents in 2006. Potential risks and uncertainties include, but are not limited to, the risks: a) Invitrogen may choose not to pursue synergies with other business areas; b) Invitrogen may not develop new products from the Dynal technology; c) Invitrogen's and Dynal's technologies may not have applications outside of their current use; d) Dynal's R & D investment may not affect Invitrogen's R & D investment or investment goals; e) The transaction may not close within the stated time period; f) Financial projections and expectations are subject to change due to a number of factors, as well as other risks and uncertainties detailed from time to time in Invitrogen's Securities and Exchange Commission filings.