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CARLSBAD, Calif., May 28, 2010 (BUSINESS WIRE) --Life Technologies Corporation (NASDAQ:LIFE), a provider of innovative life science solutions, announced today that it has concluded its tender offer and acquired a majority stake in Geneart AG, the global leader of the synthetic gene market segment. The combination of Geneart with Life Technologies' resources and commercial capabilities creates a well-capitalized synthetic biology company with advanced technology and production capabilities, providing products to fuel innovation in this emerging field.
Geneart's expertise is in the production of synthetic genes, a rapidly-growing area of biology where pieces of DNA can be assembled in the lab and used to create and modify cells. Synthetic biology can result in products used in many applications that could lead to improvements in human health, energy, the environment, and other areas.
Geneart has extensive synthetic gene technology, production, research and development and commercial capabilities, and provides custom synthetic genes and services that can be used for a vast range of applications. Industrial uses of its products include creating enzymes used as detergent additives, constructing bacteria that can break down environmentally toxic polymers or development of DNA and protein-based drug candidates.
"The burgeoning field of synthetic biology is filled with opportunities where many of Life Technologies' genomic and sequencing products already play lead roles," said Gregory T. Lucier, Chairman and Chief Executive Officer of Life Technologies. "Just as Life Technologies is a pioneer in genetic sequencing, cloning and regenerative medicine, we will be able to directly participate and lead in synthetic biology by offering the tools our customers need to accelerate discoveries in this emerging field."
"Through Life Technologies, Geneart will be able to materially expand its impact through enhanced distribution and commercial capabilities in the United States, scale in procurement and access to research and development capital," said Prof. Dr. Ralf Wagner, Chief Executive Officer and Chief Scientific Officer of Geneart.
Deal Terms
On April 9, 2010, in an all-cash-for-shares offer, Life Technologies purchased approximately 2.6 million shares (approximately 59 percent of the common outstanding shares) of Geneart stock at EUR11.59 per share, representing the stake held by management, founders and early venture capitalist investors. Life Technologies then initiated on April 13, 2010 a voluntary public tender offer to purchase all remaining shares of Geneart. At the close of the tender offer period at midnight Central European time on May 25, 2010, shareholders of Geneart had tendered in aggregate approximately 554,000 shares of Geneart common stock at EUR13.75 per share, providing Life Technologies with a total ownership of approximately 74 percent of Geneart. Geneart reported sales of EUR17 million in 2009. Life Technologies does not expect this transaction to have a material effect on its business in fiscal year 2010.
About Life Technologies (www.lifetechnologies.com)
Life Technologies Corporation (NASDAQ: LIFE) is a global biotechnology tools company dedicated to improving the human condition. Our systems, consumables and services enable researchers to accelerate scientific exploration, driving to discoveries and developments that make life even better. Life Technologies customers do their work across the biological spectrum, working to advance personalized medicine, regenerative science, molecular diagnostics, agricultural and environmental research, and 21st century forensics. Life Technologies had sales of $3.3 billion in 2009, employs approximately 9,000 people, has a presence in approximately 160 countries, and possesses a rapidly growing intellectual property estate of approximately 3,900 patents and exclusive licenses. Life Technologies was created by the combination of Invitrogen Corporation and Applied Biosystems Inc., and manufactures both in-vitro diagnostic products and research use only-labeled products. For more information on how we are making a difference, please visit us online at http://www.lifetechnologies.com. Follow Life Technologies on Twitter @LIFECorporation and on Facebook.
Life Technologies Safe Harbor Statement
This press release includes forward-looking statements about Life Technologies anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and Life Technologies' plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Life Technologies with the Securities and Exchange Commission. Life Technologies undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
SOURCE: Life Technologies Corporation
Life Technologies Contact
Tim Ingersoll
760-918-3883
Tim.ingersoll@lifetech.com
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