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Danaher Completes Tender Offer for Iris

NEW YORK (GenomeWeb News) – Danaher today said that it has completed its $19.50-per-share offer to acquire Iris International.

The $338 million deal was signed by the firms in September. The purchase price represented a 45 percent premium to Iris' closing stock price of $13.42 on Sept. 14, the day before the agreement was announced.

The tender offer expired yesterday at 5:00 p.m. EDT. As of the expiration of the offer, 16,626,491 shares of Iris had been tendered and not withdrawn, representing nearly 92 percent of Iris's outstanding stock.

Chatsworth, Calif.-based Iris has three operating units: Iris Diagnostics, Iris Sample Processing, and Iris Molecular Diagnostics. The firm also operates a personalized medicine subsidiary developing assays based on the firm's Nucleic Acid Detection Immuno-Assay (NADiA) technology, which combines the specificity of monoclonal antibody capture with the sensitivity of real-time polymerase chain reaction detection. It also operates a CLIA lab and offers a test for identifying patients at risk of developing prostate cancer following a prostatectomy.

Iris will operate as a wholly owned subsidiary of Danaher.