News | June 12, 2000

Molecular Devices Corp., LJL BioSystems To Merge

Source: Molecular Devices Corporation
Molecular Devices Corp. and Molecular Devices Corporation, both of Sunnyvale, California, have signed a definitive merger agreement. The union will bring together two sets of complementary technologies to serve the needs of the drug discovery industry, from SNP genotyping and assay development to high-throughput screening and pre-clinical testing.

The transaction, which is still subject to regulatory and stockholder approval, is expected to be accounted for as a pooling of interests and to be a tax-free reorganization. The companies expect to complete the deal no later than the fourth calendar quarter of this year.

Under the terms of the agreement, each share of LJL BioSystems common stock will convert into 0.30 of a share of common stock of Molecular Devices. Molecular Devices is expected to issue approximately 4.45 million shares of its common stock (valued at approximately $262.83 million) in the transaction and assume options and warrants to acquire approximately 675,000 additional shares.

Also as part of merger agreement, Lev J. Leytes, LJL BioSystems' chairman, president, and CEO, will join the Molecular Devices board of directors. Joseph D. Keegan will remain president, CEO, and board member of Molecular Devices.

"With the addition of LJL's technologies and products to the Molecular Devices' family of products, we would offer an comprehensive array of solutions to meet the performance needs and cost objectives of scientists," Keegan stated in a company press release. "Together, we offer a broad range of instruments, services, and consumables to address our customers needs, from entry-level instruments to fully automated and integrated HTS solutions and from biochemical to information rich cellular assays. We would be extremely well positioned to help improve drug development processes in the search for novel new medicines."

Molecular Devices Corp. is a developer of bioanalytical measurement systems that accelerate and improve drug discovery and other life sciences research.

LJL BioSystems designs, produces, and sells infrastructure tools to accelerate and enhance the drug discovery process.

For more information: Molecular Devices Corp., 1311 Orleans Dr., Sunnyvale , CA 94089. Tel: 408-747-1700. Fax: 408-747-3601.

Edited by Jim Pomager