Fisher Scientific International Inc. has entered into a definitive agreement to acquire privately held Athena Diagnostics, Inc., a leading developer and provider of proprietary molecular diagnostic and immunodiagnostic tests and services, from Behrman Capital for $283 million in cash. Athena has an extensive portfolio of proprietary neurologic, nephrologic and endocrine diagnostic tests targeting such diseases as neurogenetic and neuromuscular disorders as well as Alzheimer's disease, multiple sclerosis, obesity, kidney disease and diabetes. The company had 2005 net revenues of $55 million.
"The acquisition of Athena Diagnostics is consistent with our strategy to expand our offering of high-value, high-margin products and services in growing markets," Paul M. Montrone, chairman and chief executive officer of Fisher Scientific International said adding, "Building on our extensive suite of life-science and diagnostic products, Athena provides Fisher with a deep portfolio of proprietary genetic and other markers as well as tests to identify those markers."
According to the release, Athena's strong intellectual property will make Fisher a technology leader in providing personalized, gene-based tests and sophisticated tools and services for molecular biology. Fisher will be well positioned to capitalize on advances in gene-based therapies that drive demand for genetic testing.
Fisher will fund the acquisition with cash-on-hand. The transaction, which is subject to customary closing conditions, is expected to close early in the second quarter. Fisher expects it will have no effect on its 2006 earnings per share and will be slightly accretive to cash earnings per share.
Simultaneous with its acquisition of Athena, Fisher has entered into an agreement to purchase 9 per cent of Nanogen, Inc. for $15 million in cash. Nanogen is a leading provider of advanced molecular diagnostic equipment, microarrays and reagents for diagnostic applications. Fisher and Nanogen will collaborate to expand the use of Athena's proprietary markers and tests.