NEW YORK (GenomeWeb News) - Bio-Rad said today it plans to buy reagent and screening tool-maker DiaMed Holding for around 477 million Swiss francs ($390 million).
The companies signed a definitive agreement under which Bio-Rad would buy 77.7 percent of DiaMed’s outstanding shares, after which Bio-Rad plans to conduct a tender offer buy nearly 13 percent of the remaining outstanding shares. The remaining 9.6 percent of DiaMed’s shares are treasury shares.
Bio-Rad said DiaMed generates roughly $200 million in annual sales to hospitals, labs, and blood banks.
John Goetz, Bio-Rad’s vice president and group manager of clinical diagnostics, said in a statement that DiaMed’s portfolio of products is a good fit with Bio-Rad’s existing diagnostics business.