Sigma-Aldrich Corp. said Monday it will spend $350 million in cash to buy biopharmaceutical testing services provider BioReliance Holdings Inc. from Avista Capital Partners.
Sigma-Aldrich, which is based in St. Louis and sells chemicals to pharmaceutical and biotechnology companies, said it expects the deal to close in the first quarter and to help its earnings per share this year.
BioReliance provides biologic, specialized toxicology and animal health testing services for pharmaceutical, biopharmaceutical and diagnostics companies among other customers. It generated about $110 million in revenue in 2010, according to Sigma-Aldrich.
Morgan Stanley & Co. LLC acted as financial adviser to Sigma-Aldrich for the deal.
Sigma-Aldrich shares fell 27 cents to $62.07 in Monday morning trading, while broader trading indexes edged up slightly.