Molecular Devices to buy Axon Instruments for $140 million.
The acquisition must be approved by both companies' shareholders. However, key shareholders of approximately 29% of Axon stock have agreed to approve the deal. During its conference call, Molecular Devices said that the acquisition expands the company into the cellular neuroscience and genomic (microarray scanner) markets and that the companies' ion channel screening and high-throughput imaging instruments were complementary. Cellular neuroscience, genomics and cell-based screening each account for approximately one-third of Axon sales. The high value of this transaction confirms the growing importance of cellular analysis in the marketplace.
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|Title Annotation:||Executive briefing: news, trends & market intelligence for instrument executives|
|Publication:||Instrument Business Outlook|
|Date:||Mar 31, 2004|
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