SUNNYVALE, Calif.--Amer sham Pharmacia Biotech, the joint venture between Nycomed Amersham and Pharmacia & Upjohn, and its strategic partner here, Molecu lar Dynamics, entered into a merger agreement providing for the acquisition of Molecular Dynamics by Amer sham.
The companies claimed the acquisition will strengthen Amersham's competitive position in the market for DNA sequencing and genomic analysis. Under terms of the agreement, Amersham will initiate a cash tender offer of $20.50 per Molecular Dynamics share, thereby valuing the entire, fully diluted Molecular Dynamics' share capital at approximately $256 million.
The two companies formed a strategic alliance in 1994 that has brought together the molecular biology and chemistry skills of Amersham with the instrumentation and software capabilities of Molecular Dynamics to develop and market complete DNA sequencing and genomic analysis systems.