A Medical Device Daily
Applied Imaging (AI; San Jose, California), a supplier of automated imaging and image analysis systems, reported that stockholders have approved the company's acquisition by Genetix Group (New Milton, UK), the UK-based cell biology, proteomics, and genomics health technology group.
The all-cash transaction is valued at $25.8 million, with Genetix paying $4.20 per share to acquire all of AI's common stock. Aquilo Partners, acted as exclusive financial advisor to AI in the transaction, which ultimately netted the company nearly $7.5 million more than the original offer had called for.
The deal, first disclosed in September, called for Genetix to pay $18.3 million (Medical Device Daily, Sept. 6, 2006). However, an unsolicited bid from an unidentified third party caused Genetix to raise the price twice over the past month, ultimately settling on the most recent price
AI markets a wide range of imaging and image analysis systems for fluorescence and brightfield microscopy, including the company's Ariol and CytoVision product families. It has installed more than 4,000 systems in over 1,000 laboratories in more than 60 countries. The company is also developing a system for the detection, quantification and characterization of circulating tumor cells from the blood of cancer patients.
CNS (Minneapolis) reported that the U.S. antitrust waiting period in conjunction with its $566 million acquisition with GlaxoSmithKline (GSK; London) has expired. Termination of the waiting period satisfies a closing condition of the merger agreement between the companies. GSK first disclosed its intent to acquire CNS back in early October.
The company is acquiring CNS, manufacturer of Breathe Right nasal strips and FiberChoice dietary fiber supplements for $37.50 per share in cash. The merger consideration represents a premium of 31% over the trading price of CNS's common stock at close of business on Oct. 6.