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Thermo Fisher wraps up Affymetrix acquisition
WALTHAM, Mass. & SANTA CLARA, Calif.—Thermo Fisher Scientific Inc. has completed its acquisition of Affymetrix for $14 per share in cash, a deal that carries a transaction value of roughly $1.3 billion. This completion follows on the heels of Affymetrix shareholder approval of the merger agreement at the special meeting held today. With the completion of this deal, Affymetrix stock will cease trading, in addition to no longer being listed on the NASDAQ Global Select Market.
“We are pleased to announce the completion of this transaction and officially welcome the Affymetrix team to Thermo Fisher,” Marc N. Casper, president and CEO of Thermo Fisher Scientific, said in a press release. “This is a great outcome for both companies. With Affymetrix, we now have an expanded antibody portfolio to strengthen our leadership in biosciences, as well as new genetic analysis capabilities to better serve clinical and applied markets. Our combined capabilities will benefit our customers, employees and shareholders, and we are excited to move forward as one organization positioned for growth. Since first announcing our agreement back in January, the integration planning has been progressing well and we look forward to creating value through the strategic and financial benefits of the transaction.”
JP Morgan acted as financial advisor to Thermo Fisher for this transaction, with Wachtell, Lipton, Rosen & Katz serving as legal counsel. Morgan Stanley acted as financial advisor to Affymetrix, and Davis, Polk & Wardwell LLP served as Affymetrix's legal counsel.
Frank Witney, president and CEO of Affymetrix, added, “This transaction creates significant value for our stockholders and will provide important benefits to our customers and employees. I want to thank all of our stakeholders, including our dedicated employees, for their contributions to the company’s success and their support throughout this process. We believe Affymetrix will be positioned for long-term success as part of Thermo Fisher.”
The completion of this deal was not without its speed bumps along the way, primarily in Origin Technologies' counteroffer to acquire Affymetrix, which was announced last week. The unsolicited merger proposal offered $17 per share, and Affymetrix's board announced on March 23 that it would engage in discussions with Origin regarding the offer. The same day, Affymetrix's board announced that it had determined that, though it still recommended the Thermo Fisher merger, the Origin proposal could lead to a superior proposal, and as such, adjourned its planned special meeting on March 24, rescheduling it for March 31. On March 28, the board of Affymetrix announced that the Origin proposal did not constitute a superior proposal, and reaffirmed its support for the Thermo Fisher deal.