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MDS Buying Molecular Devices for $615M

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SUNNYVALE, Calif., and TORONTO, Jan. 29, 2007 -- Canada-based drug developer MDS Inc. today announced it will acquire Molecular Devices Corp., a bioanalytical measurement systems maker located in California, for $615 million in cash. Under the agreement, which was unanimously approved by the boards of both companies, MDS will acquire all of Molecular Devices' common stock for $35.50 per share. MDS will spend $585 million to buy outstanding shares, plus another $30 million to buy outstanding stock options. MDS said it expected the transaction to be "modestly accretive" in 2007 and "significantly accretive in 2008 and beyond."...Read full article

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