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Danaher Offers to Buy Genetix for $102M

NEW YORK (GenomeWeb News) – Danaher has offered to buy imaging company Genetix Group for around ₤63.4 million ($102 million), or 85 pence per share, according to a news release posted on Genetix's website today.

Located in New Milton, UK, Genetix provides imaging and image analysis solutions for use in development of clinical diagnostics, biotherapeutics, pharmaceuticals, and in mainstream research applications. Genetix earned around ₤26 million in revenue in 2008.

The board of directors and shareholders of Genetix representing 77 percent of the firm's issued share capital have agreed to accept the offer. The deal will become firm when holders of 90 percent of Genetix shares give it the nod. Danaher said it expects to complete the acquisition during the first quarter of 2010.

The deal would give Genetix shareholders a 35 percent premium to the closing share price on Dec. 17, and a 56 percent premium to the average closing price of the stock over the past 12 months.

Danaher Executive VP Thomas Joyce said in a statement that the combination of Genetix's imaging and analysis with instrumentation from Leica Microsystems, which Danaher owns, "creates an attractive product offering serving both the clinical and research markets. In addition, we believe that we can strengthen Genetix's business by applying the Danaher Business System as well as by providing Genetix with access to additional capital to continue to accelerate its growth."