Invitrogen completes financing syndication for Applied Biosystems acquisition

Invitrogen has announced the syndication of the financing pertaining to its proposed acquisition of Applied Biosystems has been completed.

The company noted pricing for the 2.65 billion dollars (1.45 billion pounds) was in line with expected terms.

David Hoffmeister, chief financial officer at Invitrogen, stated the firm is "very pleased" that the syndication of the financing is complete and in line with its original expected upfront fees and interest rates.

"The syndication contains a well-diversified base of domestic and international investors, who see the value in the significant cash flow and future potential of the combined company," he added.

Subject to approvals from the shareholders and European Commission, the firm expects the merger transaction to close in November.

The acquisition was first proposed on June 12th, 2008.

In recent days, Invitrogen announced the introduction of its custom PD-Direct Bioprocess Services, which it stated are optimised for clinically compliant stem cell culture systems.