By far, the biggest life sciences news in the San Diego region over the past week was Thermo Fisher Scientific’s $13.6 billion acquisition of Life Technologies. I’ve compiled a special edition roundup of the deal, along with everything that happened in San Diego.
—In one of the biggest corporate buyouts San Diego has seen, Thermo Fisher Scientific (NYSE: TMO) of Waltham, MA, agreed to pay $13.6 billion to acquire Carlsbad, CA-based Life Technologies (NASDAQ: LIFE), in a move intended to position the company to reap the gains of next-generation genetic sequencing technology. Both boards already have approved the deal.
—Did the buyout represent a good deal for Life Technologies? The laboratory equipment and materials supplier’s stock traded at less than $55 a share before it disclosed that it was shopping for a buyer on Jan. 18. Thermo Fisher’s buyout offer of $76 a share represents a 38 percent gain from there, but as one stock-watcher wrote, Life shares are now “priced for perfection at high earnings multiples while the balance sheet will be highly leveraged.”
—The deal also poses implications for San Diego’s Illumina (NASDAQ: ILMN), which last year spurned advances from the Swiss pharmaceutical giant Roche.
—U-T San Diego reporter Paul Sisson recalls the history of Life Technologies, beginning with Invitrogen, a company started in Encinitas, CA, by three San Diego scientists to sell kits that researchers could use to isolate and clone DNA.