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Invitrogen Near $2.65 Billion Financing Deal

Life sciences equipment maker said it is close to completing a $2.65 billion financing deal needed for the buyout of Applied Biosystems Inc.

NEW YORK (AP) -- Life sciences equipment maker Invitrogen Corp. said Wednesday it is close to completing a $2.65 billion financing deal needed for the buyout of Applied Biosystems Inc.

The Carlsbad, Calif., maker of test kits that researchers use for gene cloning expects the financing deal to be completed within seven days. The deal is being underwritten by Bank of America, UBS and Morgan Stanley.

Invitrogen also reaffirmed its expectations for the deal to close by late October or early November.

In June, Invitrogen said it would buy Applied Biosystems for $38 per share, or $6.7 billion. The companies have already passed a U.S. antitrust regulatory waiting period. They will have a similar review with European regulators.

"At this point, the financing process is going well and we are pleased with the number and quality of lenders who have subscribed to the syndication," said David Hoffmeister, Invitrogen's chief financial officer, in a statement.

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