Invitrogen merger plans ‘on track’

Invitrogen has revealed that its plans to merge with Applied Biosystems are "well on track".

The life science technologies firm’s global head of operations, Mark Smedley, spoke of the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, which satisfies one of the conditions for the closing of the transaction.

Noting that Invitrogen will soon be engaging with the European Commission for a similar review process, Mr Smedley pointed out that the transaction will be subject to approval of both companies’ shareholders, as well as other customary closing conditions.

"Integration teams comprising all functional areas of both companies are now in place and operating at full speed," he remarked.

"We have a clear integration model in place and we are well on track to start delivering on the potential of our new company as soon as the transaction closes."

Expected to close in late October or early November this year, the deal will see Invitrogen acquire all of the outstanding stock of Applied Biosystems in a cash and stock transaction valued at 6.7 billion dollars (3.38 billion pounds).