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Invitrogen Up Almost 11 Percent on BioReliance Sale, EPS Performance

NEW YORK (GenomeWeb News) — Shares in Invitrogen were up nearly 10.5 percent at $66.73 in mid-afternoon trading after the company reported yesterday it would sell its flagging BioReliance business, and that its fourth-quarter earnings per share beat Wall Street expectations.
 
As GenomeWeb News reported this morning, Invitrogen said it plans to sell the BioReliance unit to Avista Capital Partners for $210 million as part of Invitrogen’s ongoing plan to better organize its acquired components, the companies said late yesterday.  
 
Separately yesterday, Invitrogen reported weak fourth-quarter revenue growth as R&D spending decreased 7.6 percent and net income dropped 300 percent on a variety of one-time charges. However, earnings per share beat analysts' estimates.

The Scan

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