Cepheid announced that it has entered into a definitive agreement with Danaher under which Danaher will acquire all of the outstanding shares of Cepheid common stock for $53 per share in cash, or a total enterprise value of approximately $4 billion including indebtedness and net of acquired cash.
"Cepheid's vision has always been to enable as many people as possible to have access to powerful molecular diagnostic tests that provide critical information on a timely basis to guide treatment and patient management," said John Bishop, Cepheid's Chairman and Chief Executive Officer.
"As a standalone company for the last 20 years, Cepheid has been a leading innovator in molecular diagnostics, to date installing more than 11,000 GeneXpert Systems, and delivering tens of millions of tests spanning healthcare associated infections, critical infectious disease, sexual health, and virology."
"Looking forward as a part of Danaher and its $5 billion Diagnostics platform, we believe that Cepheid will be able to reach an extended level of customers and patients more quickly than we could have on a standalone basis," continued Bishop. "Our employees will have more opportunities as part of a global science and technology company that shares Cepheid's commitment to innovation, and also has the capability to help accelerate expansion of our global market position."
The consideration represents approximately a 54% percent premium to Cepheid's common stock over the closing price of $34.42 on September 2, 2016. Cepheid's Board of Directors unanimously approved the transaction, which is expected to close in the fourth quarter of 2016, subject to Cepheid shareholder approval, clearances by the relevant regulatory authorities and other customary closing conditions.
Based in Sunnyvale, California, Cepheid is a leading molecular diagnostics company that is dedicated to improving healthcare by developing, manufacturing, and marketing accurate yet easy-to-use molecular systems and tests. By automating highly complex and time-consuming manual procedures, the company's solutions deliver a better way for institutions of any size to perform sophisticated genetic testing for organisms and genetic-based diseases. Through its strong molecular biology capabilities, the company is focusing on those applications where accurate, rapid, and actionable test results are needed most, such as managing infectious diseases and cancer.
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