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Waters Discloses $23M Price Tag for MediMass Technology; New Share Buyback Program Approved

NEW YORK (GenomeWeb) – Waters paid $23 million in cash for the net assets of MediMass, the firm said in a document filed with the US Securities and Exchange Commission.

Waters announced the purchase of MediMass' rapid evaporative ionization mass spectrometry technology in July but had not disclosed the deal's price. The MS ionization technology can be used to directly analyze samples for applications including food safety, microbiology, and clinical diagnostics.

The firm also said in its Form 10-Q that in May its board authorized the repurchase of up to $750 million of its common stock during a three-year period. The board also authorized extending Waters' May 2012 $750 million stock buyback program until May 2015 to facilitate the repurchase of $221 million in shares that remain under that program, which originally expired in May 2014.

During the first six months of 2014, Waters bought back 1.7 million shares for $178 million under the May 2012 program, it said. As of June 30, 2014, the company had repurchased an aggregate of 6 million shares for $580 million in total under that program.

Waters said that it also repurchased $7 million of its common stock related to the vesting of restricted stock units during the first half of 2014.