Invitrogen, Applied Biosystems amend merger agreement

Invitrogen has amended its pending merger agreement with Applied Biosystems, reports have stated.

The agreement has been amended to remove a condition to closing which requires the parties "receive certain opinions of their respective counsel as to the tax treatment of the transaction", Pharmaceutical Business Review said.

Previously, the agreement’s terms stated the merger would go ahead on the receipt of an opinion from each party’s counsel meaning the deal would be considered a tax-free reorganisation under Section 368(a) of the internal revenue code.

If the merger is eligible for a tax-free reorganisation under the US tax code, gain realised by a holder of Applied Biosystems stock will be subject to tax only to the extent of the cash amount of the merger consideration.

The decision to amend was due to the recent unprecedented market conditions and Invitrogen’s common stock’s present trading price.

People looking for science sales jobs may be interested in the merger between Applied Biosystems and Invitrogen, whose products include iBlot and Dynal.