CARLSBAD, Calif. (AP) -- Invitrogen has agreed to pay $6.4 billion in cash and stock for Applera's Applied Biosystems Group, the companies said Thursday.
Carlsbad, Calif.-based Invitrogen Corp., which makes technologies for disease research and drug discovery, will pay $38 per share for scientific instruments maker Applied Biosystems, representing a 17 percent premium to the stock's closing price Wednesday.
The purchase price will be paid 45 percent in cash and the rest in stock. Based on the 168.7 million Applied Biosystems common shares outstanding at May 5, the deal is valued at $6.4 billion. In a statement, the companies valued the transaction at $6.7 billion.
Applied Biosystems shares rose $2.55, or 7.8 percent, to $34.99 in morning trading Thursday, while Invitrogen shares fell $4.35, or 10 percent, to $39.