Molecular Devices to acquire LJL BioSystems
SUNNYVALE, Calif., June 8 (Reuters) - Drug discovery company Molecular Devices Corp. (NasdaqNM:MDCC - news) said on Thursday it would acquire LJL BioSystems Inc. (NasdaqNM:LJLB - news) in a $262.8 million stock deal.
The two companies, both based in Sunnyvale, Calif., develop bioanalytical measurement systems that speed up and improve drug discovery research. Together, they have an installed base of more than 15,000 systems and products at the world's largest pharmaceutical and biotechnology companies, they said.
Under the deal, slated to close in the fourth quarter, each share of LJL will be exchanged for 0.3 share of Molecular Devices. The ratio works out to about $17.72 per LJL share.
LJL shares closed Wednesday at 16-1/4. Molecular Devices closed at 59-1/16.
Molecular Devices will issue about 4.45 million shares in the deal, and assume options and warrants to acquire about 675,000 additional shares.
LJL Chairman and Chief Executive Lev Leytes will join the board of Molecular Devices. Joseph Keegan will continue as president, CEO and a member of the board of Molecular Devices. |
