Agilent Technologies Inc. announced that it has signed a definitive agreement with Stratagene Corp. to acquire the developer, manufacturer and marketer of specialized life science research and diagnostic products.
Under the terms of the agreement, each share of Stratagene common stock will be converted into the right to receive a cash payment of $10.94. The acquisition is expected to be closed in approximately 90 days, subject to certain closing conditions.
Stratagene's products are used by scientists in academia, government research and industry in molecular biology, genomics, proteomics, drug discovery and toxicology. Stratagene's portfolio includes reagents for life science research and instruments. The company also offers a range of diagnostics products, including applications for allergy testing and urinalysis.
The acquisition of Stratagene is expected to broaden the customer base for both Agilent and Stratagene.
"We see Stratagene's technology, products and expertise as being highly complementary to Agilent's life sciences portfolio, enabling us to offer our customers more complete workflow solutions," said Nick Roelofs, vice president and general manager of Agilent's Life Sciences Solutions Unit.
"Stratagene has a strong R&D team as well as excellent presence in the important academic and government markets," Roelofs added.