Merger of Applied Biosystems, Invitrogen one step closer to completion

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Applied Biosystems Inc. stockholders voted to approve the company's proposed merger with Invitrogen Corp. at a special meeting on Tuesday.

More than 98% of the shares voted were cast in favor of the transaction at the special meeting, according to an Applied Biosystems news release.

Applied Biosystems said that the number of shares voted in favor of the merger represented more than 80% of the total shares outstanding and entitled to vote at the meeting.

Invitrogen also held its special meeting on Tuesday, where more than 98% of the shares voted were cast in favor of the deal with Applied Biosystems.

In June, Invitrogen agreed to acquire Applied Biosystems for $38 per share in a cash-and-stock transaction valued at $6.7 billion.

Closing of the merger remains conditioned on receipt of antitrust clearance under the European Council Merger Regulation.

According to Invitrogen, the integration of the two companies remains on track, with detailed integration plans in place by function.

Invitrogen said it remains committed to $80 million of cost synergies for year one, $20 million more than it originally stated.

Current issues in the capital markets are not expected to impact financing for the transaction, Invitrogen said.

Invitrogen is a Carlsbad, Calif.-based provider of life science technologies for disease research, drug discovery and commercial bioproduction.

Applied Biosystems is a developer and marketer of instrument-based systems, consumables, software and services. The company is located in Norwalk, Conn.

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