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Thermo Fisher Scientific Closes USD 1.3bn Acquisition of Gene Testing Firm Affymetrix
Friday 01 April 2016

1 April 2016 - US-based life science company Thermo Fisher Scientific Inc. (NYSE: TMO) has closed its acquisition of US-based gene testing company Affymetrix, Inc. for USD 14.00 per share in cash, for a total purchase price of approximately USD 1.3bn, the company said.

Thermo Fisher won the deal following the approval of Affymetrix shareholders, who joined the company's board in rejecting a rival bid from Origin Technologies Corp., LLC, a newly created entity owned by a group of former Affymetrix executives.

In January, the boards of Thermo Fisher Scientific and Affymetrix agreed a deal under which Thermo Fisher's acquisition of Affymetrix for 14.00 per share in cash, the companies said.

This transaction represents a purchase price of approximately USD 1.3bn.

As a result of the completion of the transaction, Affymetrix stock will cease trading and will no longer be listed on The NASDAQ Global Select Market.

Thermo Fisher Scientific has revenues of USD 17bn and more than 50,000 employees in 50 countries.

Affymetrix technologies enable multiplex and simultaneous analysis of biological systems at the cell, protein, and gene level, facilitating the rapid translation of benchtop research into clinical and routine use for human health and wellness.

JP Morgan acted as financial advisor to Thermo Fisher, and Wachtell, Lipton, Rosen and Katz served as legal counsel. Morgan Stanley acted as financial advisor to Affymetrix, and Davis Polk and Wardwell LLP served as legal counsel.
Date Published: 01/04/2016
Target: Affymetrix Inc
Country: USA
Deal Size: 1.3bn (USD)
Sector: Biotechnology
Type: Corporate acquisition
Financing: Cash
Status: Closed
Buyer: Thermo Fisher Scientific Inc
Buyer Advisor: JP Morgan , Wachtell, Lipton, Rosen and Katz
Affymetrix again rejects Origin Technologies overture, turns back to Thermo Fisher deal