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Molecular Devices Acquisition of Axon Complete

NEW YORK, March 22 (GenomeWeb News) - Molecular Devices has completed its acquisition of Axon Instruments for a total of $132.7 million in cash and stock, the company said today.

 

Under the acquisition, first announced in March, Molecular Devices paid approximately $68 million in cash and issued 3.6 million shares of common stock (an approximately $64.7 million value as of July 1). Axon stockholders are receiving .00734 of a share of Molecular Devices common stock, and $0.1359 cash for each share of Axon common stock. 

 

Molecular Devices additionally assumed employee options to acquire about 536,000 shares of Molecular Devices common stock, as well as other options to acquire approximately 38,000 shares of Molecular Devices common stock and approximately $700,000 in cash.  The company also received about $26 million in cash that was held by Axon.

 

Axon, which makes instruments for electrophysiology as well as microarray scanners, is based in Union City, Calif. and has 128 employees.

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