Danaher Corp. is paying $1.1 billion to buy up two companies which will significantly increase its presence in the business of marketing drug discovery tools. Once the deal is complete in the fourth quarter the businesses will be put under the umbrella of Danaher's medical technologies group.
In the deal, Life Technologies is signing over its part of a joint venture in the mass spectrometry business for $450 million while Danaher buys out the JV partner, MDS Analytical Technologies.
"AB Sciex is the market leader in mass spectrometry and its instruments address the needs of a broad scientific community involved in many applications including the research, applied and clinical markets," said Lawrence Culp Jr., Danaher's chief executive and president. "Additionally, Molecular Devices is known for high-quality, innovative products in the segments it serves."
"The sale of our mass spectrometry business will enable us to continue our focus on our core competencies," said Greg Lucier, the CEO of Life Technologies. "By concentrating on biological solutions that leverage our expertise in DNA, RNA, proteins and cells, we will continue to drive breakthroughs in life science research, genomic medicine, molecular diagnostics and applied markets."