Agilent to Buy Stratagene for $246M, CEO Sorge Plans Molecular Dx Spin-Off

Agilent Technologies plans to acquire Stratagene for around $246 million in cash, the companies said today.

 

Separately, Stratagene CEO Joseph Sorge plans to form a new company that will pay $6.6 million for some of Stratagene's molecular diagnostics assets.

 

Nick Roelofs, vice president and general manager of Agilent's Life Sciences Solutions segment, said Stratagene's products and its experience are "highly complementary to Agilent's life sciences portfolio," and said it also was lured by Stratagene's "excellent presence in important academic and government markets."

 

Agilent will pay $10.94 a share for the company, a 28-percent premium above Stratagene’s closing price yesterday of $8.51.

 

Stratagene said holders of 59 percent of its stock have voted in favor of the deal, and both companies expect the deal to close in around 90 days. The acquisition must still obtain regulatory review and approval from remaining shareholders.

  

About the new company, which has yet to be named, Sorge said he is "looking forward to having more time to focus on research and discovery and making a difference in human healthcare."

 

Source from GenomeWeb Daily News