Thu, Aug. 18, 9:58 AM
- Illumina (ILMN +0.7%) has reportedly received a $30B offer from Thermo Fisher Scientific (TMO -0.9%).
- Illumina, sporting a $25B market cap, is a global leader in molecular diagnostic systems. In Q2 it earned $0.82 a share on revenues of $600M.
- Large cap ($61B) Thermo is a global leader in clinical diagnostics that generates ~$17B a year in sales.
Mon, Mar. 28, 6:45 PM
- With Affymetrix (AFFX -5.6%) spurning its offer in favor of an existing bid from Thermo Fisher, Origin Technologies -- the former Affymetrix execs trying to private the company -- has withdrawn its $17/share cash offer.
- Affymetrix earlier said it would stick with a $14/share bid from Thermo Fisher (TMO -0.4%), which it considered less risky overall in case of a financing failure.
- “We disagree with Affymetrix’ assessment of the perceived risks of our proposal," says Origin President Wei Zhou. "It is an unfortunate outcome.”
- Origin said it received an "unrealistic demand" on Friday evening to put hundreds of millions of dollars in a U.S. escrow account by today. The company says it looks forward to work on genomics at Centrillion Technologies.
- Affymetrix shareholders are set to vote Thursday on the Thermo Fisher offer.
- After hours: AFFX -0.8%; TMO flat.
- Update: TMO completed its acquisition of Affymetrix on March 31.
Tue, Mar. 22, 5:29 PM
- Newly-formed Origin Technologies is now offering $17/share in cash for Affymetrix (NASDAQ:AFFX), up from a prior $16.10/share. Origin has also upped the size of its reverse termination fee to $100M, and reiterated its willingness to "include a 'hell or high water' provision in the merger agreement obligating itself to take any and all actions required to obtain regulatory approvals, in the event they are required."
- The new bid comes shortly after Affymetrix said it's standing by a $14/share deal to sell to Thermo Fisher (NYSE:TMO), while declaring Origin to be a "shell entity with no assets of which Affymetrix is aware."
- AFFX +4.4% after hours to $15.00.
- Update: The company's board determined that Origin's new offer could be reasonably expected to lead to a Superior Proposal as defined in its merger agreement with Thermo Fisher. Accordingly, the Special Meeting of Stockholders scheduled for tomorrow will be convened and immediately adjourned without a vote. The meeting will reconvene on March 31 in order for the company to thoroughly evaluate Origin's proposal.
- Update: The company will engage in discussions with Origin regarding its $17 per share bid. Key deliverables: draft of merger agreement and other transaction documents, copies of funding and financing documents and details on Origin's plans to obtain regulatory approvals. The board continues to recommend that stockholders back the merger with Thermo Fisher since there are no assurances of a positive outcome from discussions with Origin.
Mon, Mar. 21, 2:24 AM
- U.S. gene-testing company Affymetrix (NASDAQ:AFFX) has rejected a $1.5B bid by Origin Technologies, standing by a previous $1.3B merger deal with Thermo Fisher (NYSE:TMO).
- "Origin appears to be a newly-formed shell entity with no assets of which Affymetrix is aware, and whose sole source of funding for the proposed transaction...is in potential debt commitments," the company said in the statement.
- Origin, made up of a group of former Affymetrix executives, made its offer on Friday.
- Shares are down 7% premarket on increased volume.
- Previously: Former Affymetrix execs seek to break up Thermo Fisher deal with own bid (Mar. 18 2016)
Mon, Jan. 11, 12:39 PM
- Pacific Biosciences (PACB -13.1%) eases on double normal volume in apparent reaction to Thermo Fisher's (TMO +0.4%) takeout of Affymetrix (AFFX +49.2%) for $14 per share, implying a multiple of ~2x sales and book. Pac Bio, rumored to be an acquisition target, is more richly valued at 13x sales and 23x book, not a good omen for a premium offer.
- Previously: Thermo Fisher buying Affymetrix for $1.3B ($14/share) (Jan. 8)
Fri, Jan. 8, 5:56 PM
- Thermo Fisher (NYSE:TMO) is acquiring gene/cell analysis product maker Affymetrix (NASDAQ:AFFX) for $1.3B ($14/share) in cash. The price represents a 52% premium to Affymetrix's Friday close.
- The deal is expected to close by the end of Q2. Thermo Fisher plans to finance the purchase using cash on hand and short-term debt, and forecasts it will boost EPS by $0.10 in the first year after closing. $70M/year in synergies are expected within three years.
- Thermo Fisher CEO Marc N. Casper: "The acquisition of Affymetrix will strengthen our leadership in biosciences and create new market opportunities for us in genetic analysis ... In biosciences, the company's antibody portfolio will significantly expand our offering in the fast-growing flow cytometry market, and customers will have greater access to these products through our global scale and commercial reach. In genetic analysis, Affymetrix's technologies are highly complementary and present new opportunities for us in targeted clinical and applied markets.
- Affymetrix is halted.
- Update (6:44PM ET): Affymetrix is up 49.8% to $13.80 after coming off a halt.
Dec. 4, 2015, 5:44 PM
Jun. 24, 2015, 3:05 PM
- After following markets lower much of the day, lab test equipment makers Agilent (A +0.9%) and Thermo Fisher (TMO +0.9%) have moved higher over the last hour of trading. Vague M&A rumors involving the companies appear to be the trigger.
- Agilent's 2014 spinoff of its electronic test/measurement equipment ops (now known as Keysight Technologies) has heightened speculation what's left of the company could be acquired.
May 13, 2015, 7:44 AM
- Pall Corp. (NYSE:PLL) has agreed to be acquired by Danaher (NYSE:DHR) for $127.20 per share in cash, or $13.8B including assumed debt and net of acquired cash.
- The offer represents approximately a 28% premium to Pall's closing price of $99.31 on Monday, the last trading day prior to speculation about a possible transaction.
- The deal is expected to close in 2015.
- PLL +4.8%; DHR +7% premarket
- Previously: Jefferies: Danaher has upper hand to acquire Pall (May. 12 2015)
- Previously: WSJ: Danaher, Thermo Fisher compete to acquire Pall Corp. (May. 11 2015)
May 11, 2015, 6:23 PM
- Pall Corp. (NYSE:PLL) +7.1% AH after WSJ reports it is in the late stages of an auction that could value the company at well north of $10B, with potential buyers Danaher (NYSE:DHR) and Thermo Fisher Scientific (NYSE:TMO) said to be vying for a successful deal.
- Pall's market value at today’s close is $10.6B; given prices typically paid in takeovers, the report says a deal for the maker of water filtration and purification systems could be valued at ~$13B or more.
Feb. 27, 2015, 5:44 PM
Aug. 5, 2013, 12:22 PM
- Enzo Biochem (ENZ +8.6%) jumps after a Federal Court Judge upholds the jury verdict issued in November, 2012, which awarded the drug developer $48.6M in damages as a result of patent infringement by Applera Corporation, which is now Life Technologies (LIFE -0.1%).
- The court ruled initially that LIFE infringed on ENZ's patent covering pioneering technologies relating to compounds used in DNA sequencing systems to read genetic code.
- The Judge also denied LIFE's request for a finding that Enzo's infringement claims are barred by laches and/or equitable estoppel and its motion for a new trial, as well as ENZ's request for reconsideration seeking additional damages.
- The ruling opens the way for ENZ to recover prejudgment interest on the damages award, which should exceed $25M in addition to the judgment.
Jun. 7, 2013, 8:17 AM
May 22, 2013, 3:49 PM
Thermo Fisher (TMO -1.5%) rolls over in a bout of profit taking today after touching a new 52-week high earlier today. The company reaffirmed its FY13 EPS guidance at an analyst meeting today, saying it expects to earn between $5.27 and $5.39 per share, bracketing consensus EPS estimates of $5.34. Revenues are still expected to be $12.84B - $13B, in line with the consensus of $12.94B.| May 22, 2013, 3:49 PM
Apr. 16, 2013, 5:30 PM
Apr. 16, 2013, 11:58 AM