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Feb 27 2009, 11:23 AM EST

Beckman Coulter to Shell Out Almost $800M for Olympus’ Lab-Based Diagnostics Franchise

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Beckman Coulter will acquire the diagnostic systems portion of Olympus' life sciences business for ¥77.45 billion, or approximately $799.7 million. The acquisition will broaden Beckman Coulter's chemistry offering and give it a valuable new customer set for its immunoassay products.

The Olympus diagnostics business is anticipated to increase Beckman Coulter's revenue by approximately $500 million in 2010 and generate approximately $40 to $50 million in operating income. Beckman Coulter believes that 2010 pretax savings of between $50 and $60 million can be achieved from the combination of Olympus operating expenses of about $200 million and Beckman Coulter’s of more than $1 billion. Savings are expected to be realized from leveraging existing global infrastructure and integrating sales, service, administrative, and R&D activities.

Beckman Coulter expects to finance the acquisition with a combination of newly issued Beckman Coulter common stock (approximately $300 million) and newly issued debt (approximately $500 million). This transaction is expected to close in the third quarter.

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