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Invitrogen, Outbidding Bio-Rad, Will Buy BioSource International for $130M in Cash

NEW YORK, July 26 (GenomeWeb News) - Invitrogen plans to purchase BioSource International for $130 million in cash, the company said today.

 

The acquisition, which has the backing of BioSource's board of directors, is expected to close by the end of the year, following approval by regulators and BioSource stockholders.

 

BioSource provides proteins, antibodies, and reagents for cytokine and signal transduction assays. During the second quarter of 2005, BioSource had $13 million in net sales, $751,000 in net income, and $7.1 million in cash and cash equivalents. The company has more than 240 employees worldwide.

 

Invitrogen said the acquisition will bolster its protein and antibody offerings and will help it enter new markets in immunology, oncology, and neurodegenerative disease.

 

Invitrogen's offer of $130 million, or $12.50 per share, is substantially higher than a bid in April by Bio-Rad Laboratories, which offered $82 million, or $8.50 per share. At the time, BioSource's directors rejected the proposal unanimously. Later that month, Bio-Rad increased its ownership in BioSource to 6.8 percent, citing its "continuing interest" in acquiring the company.

 

This spring, BioSource was briefly under threat to be delisted from the Nasdaq, after it failed to file its first-quarter financial report in a timely manner.

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