Skip to main content
Premium Trial:

Request an Annual Quote

Fitch Affirms Life Technologies Rating

NEW YORK (GenomeWeb News) – Fitch Ratings today affirmed its 'BBB' issuer default rating with a stable outlook on Life Technologies.

The New York-based ratings firm said that the rating is supported by a general declining trend in Life Tech's debt leverage over the past three years. It noted that the reduction in leverage is due to a combination of stable operating performance and use of cash for debt reduction.

As of Sept. 30, 2011, Life Tech's leverage was 2.4x, a "substantial" decline from around 3.5x following the merger of Applied Biosystems and Invitrogen to form Life Tech, Fitch said in a statement.

Fitch said that it expects Life Tech's total debt to decline further during this quarter due to a planned redemption of $450 million convertible notes due 2024.

Fitch also noted in its statement recent consolidation activity in the genomics tools field and said that it believes Life Tech may increase its M&A activity in 2012. "Maintenance of the 'BBB' IDR for Life Technologies contemplates debt-to-EBITDA maintained between 2.0x and 2.5x in the near to medium term, although periodic increases to fund acquisitions could be tolerated within the current rating category," the ratings firm said.

The Scan

More Boosters for US

Following US Food and Drug Administration authorization, the Centers for Disease Control and Prevention has endorsed booster doses of the Moderna and Johnson & Johnson SARS-CoV-2 vaccines, the Washington Post writes.

From a Pig

A genetically modified pig kidney was transplanted into a human without triggering an immune response, Reuters reports.

For Privacy's Sake

Wired reports that more US states are passing genetic privacy laws.

Science Paper on How Poaching Drove Evolution in African Elephants

In Science this week: poaching has led to the rapid evolution of tuskless African elephants.