Life Technologies to Acquire Ion Torrent for up to $725M

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Life Technologies announced after the close of the market Tuesday that it will acquire sequencing technologies startup Ion Torrent Systems for $375 million in cash and stock.
The total value of the deal could rise by another $350 million if certain technical and time-based milestones are met through 2012.
Ion Torrent has developed the Personal Genome Machine, a benchtop instrument that is currently being used by early-access customers and will be launched later this year at an entry cost of less than $100,000. The system will be "optimal for mid-scale sequencing projects, such as targeted and microbial sequencing.
The transaction is expected to be dilutive by $.02 for Life Tech's earnings per share in 2010, and neutral to earnings in 2011. It is expected to be accretive in 2012 and beyond.
Life Tech said that its EPS guidance for FY 2010 remains unchanged at $3.35 to $3.50.
The firms expect to close the transaction in the fourth quarter of this year.
in early Wednesday trade on the Nasdaq, shares of Life Technologies were down 2 percent at $44.21.


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