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Merck buys lab gear maker Millipore
By Ludwig Burger |
March 2, 2010, Tuesday
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Print Edition
Print Edition
GERMANY'S Merck KGaA has agreed to buy United States biotech tool maker Millipore Corp for around US$6 billion in cash, as the company looks to build its lab equipment business.
Merck, the world's largest maker of chemicals for flat-panel displays, said late on Sunday it agreed to acquire Millipore for US$107 per share in cash, valuing the deal at around US$7.2 billion including net debt.
The deal snatches Millipore away from rival bidder Thermo Fischer Scientific Inc. The exact terms of that bid were unknown.
Merck's bid represents a 13 percent premium over last Friday's closing price for Millipore shares, which had already been boosted by recent takeover speculation.
In a statement, Merck said the tie-up would create a supplier of equipment and substances for research to the life science sector with 2.1 billion euros (US$2.7 billion) in annual sales. Millipore, which makes filters and purifiers for laboratory water and other materials used in making biotechnology drugs, had revenue of US$1.65 billion, or 1.21 billion euros, last year.
Merck said the deal will create about US$100 million of annual cost savings, which it expects to reach within three years of closing.
Merck said it expects the transaction to clear regulatory review and be completed in the second half of 2010.
Family-controlled Merck, which traces its roots to a 17th century pharmacy, has been a smaller player in the biotech-research equipment market. It relies heavily on liquid crystals, the key chemicals for TV screens, and on multiple sclerosis drug Rebif and cancer drug Erbitux for earnings.
In 2007, it acquired Swiss biotech company Serono for 10.3 billion euros.
To finance the Millipore deal, Merck will use cash and will take out bridge loans.
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