Thermo Fisher Scientific Inc. has agreed to acquire Affymetrix Inc., a provider of cellular and genetic analysis products for approximately $1.3 billion. The boards of directors of both companies have unanimously approved Thermo Fisher's acquisition of Affymetrix for $14.00 per share in cash.

Affymetrix's technologies enable parallel and multiplex analysis of biological systems at the cellular, protein and genetic level, facilitating the transition of research tools into clinical and applied markets. The company's products are used by customers working in life sciences and translational research, molecular diagnostics, reproductive health and agricultural biotechnology. Based in Santa Clara, California, Affymetrix has approximately 1,100 employees worldwide and maintains sales and distribution operations primarily in the US, Europe and Asia. The business, which has annual revenues of approximately $350 million, will be integrated into Thermo Fisher's Life Sciences Solutions Segment.

The transaction, which is expected to be completed by the end of the second quarter of 2016, is subject to the approval of Affymetrix shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

Source: Thermo Fisher Scientific