Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : 1000% returns are cool !!! -- Ignore unavailable to you. Want to Upgrade?

To: vagabond who wrote (657)	6/8/2000 9:15:00 AM
From: vagabond	Respond to of 3326

MDCC acquiring LJLB... ================== Thursday June 8, 7:00 am Eastern Time SOURCE: Molecular Devices Corporation; LJL BioSystems, Inc. Molecular Devices and LJL BioSystems Agree to Merge Merger Would Create a Leading Provider of Drug Discovery Solutions to the Life Sciences Industry SUNNYVALE, Calif., June 8 /PRNewswire/ -- Molecular Devices Corporation (Nasdaq: MDCC - news) and LJL BioSystems, Inc. (Nasdaq: LJLB - news) today announced the signing of a definitive merger agreement. Under the terms of the agreement, each share of LJL BioSystems common stock would convert into 0.30 of a share of common stock of Molecular Devices. The combined company would address the significant and expanding needs of drug discovery from SNP genotyping and assay development to high throughput screening and pre-clinical testing. The combined enterprise would bring together a powerful, broad set of complementary technologies for the life sciences industry. Together, the companies have an installed base of over 15,000 systems and products at all of the world's largest pharmaceutical and biotechnology companies. ``We are excited by the exceptional opportunities facing a combined enterprise. Together we would have the technical and managerial leadership, strategic focus and critical mass to better meet the challenges facing pharmaceutical, biotechnology and genomics companies,'' commented Joseph D. Keegan, Ph.D., President and CEO of Molecular Devices. ``With the addition of LJL's technologies and products to the Molecular Devices' family of products, we would offer an comprehensive array of solutions to meet the performance needs and cost objectives of scientists. Together, we offer a broad range of instruments, services and consumables to address our customers' needs, from entry-level instruments to fully automated and integrated HTS solutions and from biochemical to information rich cellular assays. We would be extremely well positioned to help improve drug development processes in the search for novel new medicines. I look forward to working closely with the LJL board and management team to achieve timely completion of this important and exciting transaction,'' further noted Keegan. Lev J. Leytes, Chairman and CEO of LJL stated, ``This merger comes at the right time for both of our companies. It brings together two strong and successful companies with complementary technologies, outstanding products and people, global and world-class sales and support organizations and a shared commitment to providing innovative solutions to accelerate and improve the drug discovery process.'' The transaction is expected to be accounted for as a pooling of interests and to be a tax-free reorganization. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by the stockholders of Molecular Devices and LJL BioSystems. The parties expect to complete the transaction not later than the fourth calendar quarter of this year. It is anticipated that Molecular Devices would issue approximately 4.45 million shares of its common stock in the transaction (valued at approximately $262.83 million based on the closing price of Molecular Devices' common stock on June 7, 2000) and assume options and warrants to acquire approximately 675,000 additional shares. As part of the transaction, it is anticipated that Lev J. Leytes would join the Board of Directors of Molecular Devices. Joseph D. Keegan, Ph.D. would continue as President, CEO and member of the Board of Directors of Molecular Devices. Molecular Devices was advised by ING Barings LLC in connection with this transaction, and LJL BioSystems was advised by Gleacher & Co. About Molecular Devices Molecular Devices Corporation is a leading developer of high-performance, bioanalytical measurement systems that accelerate and improve drug discovery and other life sciences research. Molecular Devices' systems enable pharmaceutical and biotechnology companies to leverage advances in genomics and combinatorial chemistry by facilitating the high throughput and cost effective identification and evaluation of drug candidates. Molecular Devices' instrument systems are based on its advanced core technologies which integrate its expertise in engineering, molecular and cell biology and chemistry and are fundamental tools for drug discovery and life sciences research. Additional information can be found at www.moldev.com. About LJL BioSystems, Inc. LJL BioSystems designs, produces and sells infrastructure tools that accelerate and enhance the process of discovering new drugs in the genomics and post-genomics era. LJL BioSystems' products, including instruments and consumables, are designed to provide flexible, cost-efficient, high throughput solutions that can be used across all stages of the drug discovery process, including screening and genotyping. Its worldwide customers include pharmaceutical, biotechnology and genomics companies as well as research institutions. Additional information can be found at www.ljlbio.com.