NEW YORK, Nov. 23 - Abbott Laboratories' $355 million acquisition of Vysis came one step closer to closing on Friday as the Hart-Scott- Rodino Antitrust Improvements Act waiting period expired.
One month ago, Vysis agreed to be acquired by Abbott, which commenced a cash tender offer on Oct. 31 for all outstanding shares of the genomics-based disease management company for $30.50 per share, which represented a 33 percent premium. The tender offer is scheduled to expire on Nov. 29 but might have been stifled if the expiration period was extended.
Abbott, based in Abbott Park, Ill., set its sights on Vysis in the hopes of bolstering its position in the $800 million annual molecular diagnostics market.
Vysis is based in Downers Grove, Ill. It was not immediately clear when the companies hope to close the deal.