WALTHAM, Mass. (AP) — Thermo Fisher Scientific Inc. is paying $1.3 billion to add Affymetrix Inc. to its biotechnology toolkit.
The deal announced Friday requires Thermo Fisher to pay $14 per share in cash to take over Affymetrix. The price represents a 52 percent increase from the current value of Affymetrix's stock, which dipped 13 cents Friday to close at $9.21 before the buyout details were disclosed.
Thermo Fisher is planning to complete the acquisition by the end of June. The Waltham, Massachusetts, company expects Affymetrix to boost its earnings by 10 cents per share during the first year of ownership.
Affymetrix specializes in making equipment to analyze genetic codes. The Santa Clara, California, company employs about 1,100 people and generates annual revenue of about $350 million.