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BD to Acquire TriPath Imaging for $350M in Bid to Grow Cancer Dx Business

NEW YORK (GenomeWeb News) – Becton Dickinson yesterday filed a statement with the US Securities and Exchange Commission outlining its intention to purchase TriPath Imaging for approximately $350 million.
BD said it proposed to acquire approximately 93.5 percent of TriPath’s outstanding shares for $9.25 per share. BD and TriPath have been collaborating to identify cancer biomarkers since 2001, when BD acquired an approximately 6.5-percent equity stake in TriPath.
TriPath sells products for the clinical management of cancer, including detection, diagnosis, staging, and treatment. BD said that its proposed acquisition of the company fits strategically with its objective of accelerating and advancing its presence in the cancer diagnostics market.
The acquisition is subject to approval by TriPath’s board of directors, the negotiation of mutually acceptable agreements, completion of due diligence, and obtaining necessary regulatory approvals, BD said.

BD anticipates closing the acquisition in the quarter ending Dec. 31, 2006, the first quarter of the firm's 2007 fiscal year. The acquisition is expected to be minimally dilutive to BD’s fiscal 2007 earnings, excluding an anticipated charge for in-process research and development.

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