NEW YORK, March 22 (GenomeWeb News) - Molecular Devices plans to acquire Axon Instruments for a total of $140 million in cash and stock, the company said yesterday.
Molecular Devices, based in Sunnyvale, Calif., hopes the acquisition will create synergies for product development and will help distribute Axon's products more effectively.
Molecular Devices will pay approximately $70 million in cash and $70 million of its common stock for Axon, including Axon's $29 million in cash and marketable securities. Under the agreement, each Axon share of common stock would be converted into approximately $.14 in cash and 0.007 of a Molecular Devices share.
Axon, which makes instruments for electrophysiology as well as microarray scanners, is based in Union City, Calif. and has 128 employees. The acquisition is subject to a number of conditions, including shareholder approval from both companies, and is expected to close by the end of June.