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:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 29

WCG sees ePharmaSolutions’ clinical trial portal as the next step in the data evolution, company mission

Cutting-edge advertising can ‘break through the clutter’ for successful patient recruitment

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

September

Today's fastest, most economical sponsors
Standout sponsors reveal how they shorten regulatory, clinical cycle times

From the trenches: Sites' eye view of state of the industry
CW’s first site focus groups uncover frustration with 'progress,' but a passion for their mission

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

August

Reality of costs and impact rain on Sunshine Act
Concerns mount over compliance burden on CROs, sponsors, unanticipated consequences for research

Cloud computing expanding into all areas of clinical trial conduct
Benefits outweigh the complexities, challenges of finding right vendors

Already a subscriber?
Log in to your digital subscription.

Purchase the August issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs