NEW YORK, April 7 - Bruker Daltonics and Bruker AXS today announced plans to merge into a single entity that will focus on the life science and materials research market, "with an emphasis on advancing proteomics."
The combined company, to be named Bruker BioSciences (with the new Nasdaq ticker symbol BRKR), will offer a broad range of mass spectrometry and x-ray analysis technology platforms, including Bruker Daltonics' Proteineer mass spec-based protein analysis systems and Bruker AXS' X8 series of x-ray crystallography systems for structural proteomics.
The combined companies expect to generate an estimated $250-260 million in revenues over the course of 2003. The merger is expected to close over the summer.
Bruker AXS will merge into Bruker Daltonics, and each outstanding share of common stock of Bruker AXS will be converted into the right to receive 0.63 shares of common stock of Bruker Daltonics. Based on Bruker Daltonics' closing stock price of $2.95 on April 4, the value of the deal is approximately $103.6 million.
Bruker Daltonics and Bruker AXS will operate as independent subsidiaries of Bruker BioSciences, and will retain their present management teams. Frank Laukien, formerly president and CEO of Bruker Daltonics, will serve as president and CEO of the new company. Martin Haase will move from the position of president and CEO of Bruker AXS to serve as senior vice president of Bruker BioSciences, and Laura Francis, formerly CFO of Bruker AXS, will hold the same title in the parent company.
The ten-member board of directors of Bruker BioSciences will consist of board members from both Bruker Daltonics and Bruker AXS.
Further details on the proposed merger are available here.