Danaher to acquire Iris International for $19.50 per share

Monday, September 17, 2012 02:52 PM

Danaher, a science and technology company, has agreed to acquire Iris International, a manufacturer of automated in vitro diagnostics systems and provider of personalized medicine solutions, for $19.50 per share in cash, representing an approximate 45% premium over the closing price of Iris's common stock on September 14, 2012.

"The board of directors voted unanimously to accept Danaher's proposal as it provides for an immediate compelling cash premium realization for our shareholders,” said César M. García, chairman, president and CEO of Iris International. “Further, Iris will benefit from being a part of a larger organization with significant resources to enable the acceleration of its diversified product pipeline strategy."

An affiliate of Danaher is expected to commence a tender offer for all of Iris' outstanding common stock within the next seven days, which will remain open for a minimum of 20 business days following its commencement. The tender offer is conditioned upon at least a majority of Iris' outstanding shares being tendered, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions.

The transaction is structured as a tender offer followed by a merger and is expected to be completed in the fourth quarter of 2012. Upon closing, Iris will become part of Danaher's Beckman Coulter Diagnostics business.

Citi is acting as financial advisor and Stubbs Alderton & Markiles is serving as legal counsel to Iris in connection with the transaction.

Share:          
CWWeekly

January 26

2015 CRO outlook: M&As, IPOs, strategic partnerships and increased eClinical outsourcing expected to continue

IOM, industry stakeholders propose standards, guidelines for open sharing of clinical trial data

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

January

All eyes on EMA’s adaptive licensing pilot
Sponsors could offer innovative drugs to patients 8 years sooner

Ice Bucket Challenge a boon for ALS research
Donations soar, but phenomenon difficult to replicate

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

December

Growing adoption of feasibility review committees
Early reports cite fewer amendments, improved cycle time

AMCs vying to better compete for industry trials
Working to conquer study start-up delays, IRB review process

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs