Danaher is making an 85 pence per share cash takeover offer for Genetix, a life science research and diagnostic imaging company. The deal values Genetix at for £63.4 million pounds (roughly $102.6 million).
The offer has been recommended by the Genetix board, and 77% of Genetix’ aggregate share capital has already been committed to the acquisition by the shareholders. Danaher says that it expects to complete the transaction during the first quarter of 2010.
Genetix’ product line includes the ClonePix™ FL system, which allows for the screening and selection of mammalian colonies required during the production of research antibodies and biotherapeutics. Genetix also offers the QArray microarray preparation platform, CloneSelect™ Imager for the assessment and quantification of cell growth, CellReporter™ for quantification of cellular responses on a cell-by-cell basis, and Ariol® for the quantification of tissue biomarkers. The QPix automated colony picking systems are now used in over 600 installations in research institutes, sequencing facilities, biotech, and pharmaceutical companies worldwide, according to the company.
In the clinical diagnostics field Genetix’ CytoVision® software platform is used for chromosomal investigations in cytogenetics laboratories. The firm also recently introduced the GSL-120, an automatic slide loader that together with CytoVision® software enables unattended scanning and capture of cellular images for subsequent analysis.
In May the company announced the acquisition of SlidePath. Genetix said SlidePath’s expertise in the analysis, management, and web-enabled viewing of tissue samples perfectly complemented its capabilities with the Ariol platform. Genetix reported revenues of £14.1 million (about $22.82 million) in the first six months of 2009. Revenues in the same during 2008 were £12.4 million (approximately $20.06 million).